Oil Prices Volatile Amid Escalating Middle East Tensions

2026-06-10 09:46 By Joana Taborda 1 min. read

Crude oil swung around $88 a barrel on Wednesday, after falling more than 3% in the previous session and reversing earlier gains seen during Asian trading, as traders assess escalating tensions in the Middle East.

Iran launched attacks on several Gulf nations, including Bahrain, Jordan, and Kuwait, following US “self-defence strikes” in response to the downing of an American helicopter.

Traffic through the Strait of Hormuz remains significantly disrupted, with Iran blocking most shipping through the key waterway, while the US has imposed its own restrictions on Iranian ports.

However, US Energy Secretary Chris Wright said vessel traffic in the Gulf and oil exports through the Strait are rising despite ongoing disruptions.

Meanwhile, API data showed US crude inventories fell by 9.1 million barrels last week to their lowest level in four months, as buyers moved to replace supplies disrupted by tensions in the Persian Gulf.



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