Oil firms after US expands strikes on Iran

June 11, 2026 (MLN): Oil prices climbed on Thursday after the United States carried out a new round of military strikes against Iran, intensifying concerns that the conflict could continue and potentially disrupt global energy supplies for a longer period.

Currently, Brent crude futures are up by $0.15, or 0.16%, to $93.25 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by 0.41%, to $90.40 per barrel by [11:08 am] PST.

In a post on X, the U.S. Central Command said American forces had begun “launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction.” It added that the operation was conducted “in response to Iran’s unwarranted and continued aggression.”

Meanwhile, Iranian state media reported that Tehran had responded with missile and drone attacks targeting U.S. vessels operating in the Strait of Hormuz, according to CNBC.

The escalation followed earlier remarks from U.S. President Donald Trump, who warned that Washington would step up its military response against Iran as he continued urging Tehran to reach an agreement with the United States.

Despite the renewed tensions, Rystad Energy said the oil market is currently better placed to handle supply disruptions compared to previous crises, pointing to record U.S. crude exports, weaker demand from China, and alternative export routes that reduce dependence on the Strait of Hormuz.

However, Rystad Energy senior vice president Jorge Leon cautioned that the likelihood of a near-term diplomatic breakthrough has fallen, leaving oil prices exposed to sharp fluctuations depending on whether the conflict remains contained or escalates further.

Separately, BlackRock said India’s equity market has been “over-punished” for lacking a direct AI play and facing higher oil-related risks, noting that record foreign outflows and a tougher macroeconomic environment have not undermined its medium- to long-term investment case, according to Reuters.

BlackRock, the world’s largest asset manager with more than $14 trillion in assets under management, said it remains constructively positioned on India, though not “outright overweight,” according to Natasha Sarkaria, EMEA investment strategy lead of wealth at the firm.

She said India remains one of BlackRock’s highest-conviction medium- to long-term emerging market trades, supported by demographics, infrastructure, financials, and indirect AI-linked opportunities.

Sarkaria added that as long as India’s GDP grows in the 6% to 7% range, the economy remains in a favorable zone for sustained expansion. India’s economy expanded 7.8% in the March quarter, while the Reserve Bank of India reduced its FY2027 growth forecast to 6.6%–6.9% and announced measures to support the rupee amid rising oil prices and continued foreign outflows.

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