Oil surges as Iran closes Strait of Hormuz after new US strikes

Oil prices rose sharply on Thursday, June 11, after Tehran declared the strategic Strait of Hormuz closed following additional US strikes on Iran, while President Donald Trump warned of further attacks if no agreement is reached.

Brent crude futures increased by $1.48, or 1.59%, to $94.58 a barrel as of 0243 GMT. US West Texas Intermediate (WTI) crude climbed $1.71, or 1.90%, to $91.74, after gaining more than $3 earlier in the session, as per Reuters data.

Iran’s top joint military command announced the closure of the Strait of Hormuz, including to oil tankers and commercial vessels, warning that any ship attempting to pass through would be fired upon.

Analysts at ING said in a note to clients: "It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained." They added that the renewed escalation in fighting had driven the early surge in oil prices.

On Wednesday, the US military said on X that commercial shipping continued to move through the strait. It also stated that no US warships had been struck, after Iranian state media reported that US vessels near the waterway had been targeted by missiles and drones.

US forces began launching additional strikes against multiple targets in Iran at 5:15 p.m. EDT (21:15 GMT), marking the latest phase in an escalating exchange that threatens to reignite a full-scale conflict. The confrontation had previously been paused in early April under a fragile ceasefire.

Speaking to Fox News reporter Trey Yingst on Wednesday evening, Trump said the strikes would stop shortly but warned he would "bomb the shit out of them" if Iran’s leadership did not immediately agree to a deal with the United States.

Iran’s months-long blockade of the Strait of Hormuz — a route that typically carries about one-fifth of global oil and gas shipments — has continued to support elevated oil prices.

Separately, US crude inventories fell by 7.2 million barrels to 426.5 million barrels in the week ending June 5, according to the Energy Information Administration. This exceeded analysts’ expectations in a Reuters poll, which had forecast a draw of 4 million barrels.

By Tamilla Hasanova