Brent Holds Below $93

2026-06-11 15:17 By Agna Gabriel 1 min. read

Brent oil prices moved between gains and losses below $93 per barrel on Thursday as traders balanced geopolitical risks with still-functioning global supply flows.

President Donald Trump warned of possible further US attacks on Iranian energy infrastructure, including the Kharg Island export terminal, while also signaling reduced appetite for a major escalation.

At the same time, the UAE and Iran held rare direct talks, raising hopes for diplomatic de-escalation in the region.

So far, oil facilities have largely been spared, which has helped prevent the kind of supply shock many traders had feared and kept prices well below earlier conflict peaks.

On the demand side, Chinese imports from Saudi Arabia are expected to fall in July, while tanker traffic through the Strait of Hormuz has increased.

However, inventories are tightening in key regions, with US crude stocks including strategic reserves down sharply over recent weeks and Singapore fuel inventories at their lowest since 2013.



News Stream
Brent Holds Below $93
Brent oil prices moved between gains and losses below $93 per barrel on Thursday as traders balanced geopolitical risks with still-functioning global supply flows. President Donald Trump warned of possible further US attacks on Iranian energy infrastructure, including the Kharg Island export terminal, while also signaling reduced appetite for a major escalation. At the same time, the UAE and Iran held rare direct talks, raising hopes for diplomatic de-escalation in the region. So far, oil facilities have largely been spared, which has helped prevent the kind of supply shock many traders had feared and kept prices well below earlier conflict peaks. On the demand side, Chinese imports from Saudi Arabia are expected to fall in July, while tanker traffic through the Strait of Hormuz has increased. However, inventories are tightening in key regions, with US crude stocks including strategic reserves down sharply over recent weeks and Singapore fuel inventories at their lowest since 2013.
2026-06-11
Brent Turns Positive
Brent oil climbed to $93.5 per barrel on Thursday after declining earlier in the session, following comments from US President Donald Trump that the US would strike Iran hard tonight. Trump also said that the US would soon take control of Iran’s “oil infrastructure points,” with a broader operation to assume control of the country’s oil and gas markets and infrastructure, including Kharg Island, expected “in the not too distant future.” Meanwhile, new data indicated that global oil inventories are showing signs of tightening. In the US, crude stockpiles, including strategic reserves, fell by 15 million barrels last week and have declined by more than 70 million barrels over the past five weeks, marking the largest drawdown since the 1980s. Fuel inventories in Singapore have also fallen to their lowest level since 2013. However, Chinese buyers are expected to purchase significantly less Saudi crude in July, as imports have already dropped to their lowest level in eight years.
2026-06-11
Brent Crude Drops to $92
Brent crude oil fell toward $92 per barrel on Thursday as concerns over renewed attacks between the US and Iran were balanced by signs of rising flows through the Strait of Hormuz and weaker demand from China. The US military carried out strikes against multiple targets in Iran for a second day after President Donald Trump accused Tehran of delaying talks on an interim peace deal. However, the latest attacks have not hit energy infrastructure. Also, traders said Chinese buyers are set to take significantly lower volumes of Saudi crude in July as imports already sit at the lowest level in eight years. Even so, global inventories show signs of tightening. In the US, crude stockpiles including strategic reserves fell by 15 million barrels last week and are down more than 70 million over five weeks, the steepest draw since the 1980s. Fuel stocks in Singapore are also at their lowest level since 2013.
2026-06-11