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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Global oil prices surged sharply after US Central Command launched additional strikes on Iranian targets, prompting Tehran to retaliate by closing the Strait of Hormuz. According to reports, Brent crude rose 2.5% to surpass the $95 per barrel mark, while WTI crude climbed 3% to reach $92.68. This military escalation has intensified fears of global supply shortages due to the suspension of vessel traffic through the strategic waterway.
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Sign InThis price spike is a direct response to energy security threats, as approximately 20% of global oil consumption passes through the Strait of Hormuz daily per US Energy Information Administration (EIA) data. Compared to previous quarter price levels, these moves reflect a heightened geopolitical risk premium; analysts at Goldman Sachs suggest that a prolonged closure could push prices toward record levels exceeding $120 (per research reports). Major energy equities including Exxon Mobil and Chevron also saw positive momentum in pre-market trading.
Traders should watch for technical resistance levels for Brent at $98, with current prices holding above $95.45 (at close June 11, 2026). Looking ahead at the economic calendar, markets await US crude inventory data next week, alongside any commentary from Fed officials regarding the impact of energy costs on inflation, following Lagarde's speech on June 4 which highlighted persistent price pressures.