U.S. strikes Iran, oil extends gains

June 10, 2026 (MLN): Global oil prices climbed on Wednesday after military action by the United States against Iran heightened fears of disruptions to energy supplies flowing through the strategically important Strait of Hormuz.

Currently, Brent crude futures are down by $0.91, or 0.98%, to $92.02 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are down by 1.13%, to $88.72 per barrel by [09:26 am] PST.

The increase followed U.S. strikes on Iranian military positions located near the Strait of Hormuz, a critical maritime route for global crude oil shipments.

The operation came amid escalating tensions between Washington and Tehran after a U.S. Army Apache helicopter was reportedly brought down earlier this week, according to CNBC.

According to U.S. Central Command (CENTCOM), the strikes were conducted as a limited and defensive response to what it described as hostile actions by Iran.

The military said the targeted operation was aimed at addressing security threats in the region while avoiding broader escalation.

Earlier on Tuesday, U.S. President Donald Trump stated that an American military helicopter engaged in patrol operations near the Strait of Hormuz had been shot down by Iran.

He emphasized that the United States would take action in response to the incident.

In a post on Truth Social, Trump said the two pilots aboard the aircraft were unharmed and safely recovered, adding that the attack necessitated a response from the United States.

Market participants are increasingly concerned that continued hostilities in the Gulf could threaten oil production and transportation routes, potentially tightening global energy supplies.

Energy consultancy Rystad Energy warned that production outages across six Gulf oil-producing nations have reached approximately 11.8m barrels per day, describing the situation as the largest oil supply disruption in modern history.

The firm estimates that cumulative lost output has already exceeded 1bn barrels and cautioned that every additional month of conflict could remove a further 350m barrels from global supply.

The latest developments have intensified uncertainty in energy markets, with investors closely monitoring the risk of prolonged disruptions in one of the world's most important oil-exporting regions.

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