Brent Crude Oil (BZ=F) Climbs 2% Above $93 as WTI (CL=F) Rallies to $90 After Iran Strikes

Brent crude oil is back above $93, and the energy market is on edge. WTI traded at $90.51, up 2.06% on the session, while Brent crude climbed 2.17% to $96.34 after reports that the US military carried out strikes on southern Iran and shot down four Iranian attack drones. The Strait of Hormuz has been effectively closed since the US and Israel began military operations against Iran on February 28, 2026. Every new military exchange sends crude prices lurching higher, and June 10, 2026, is no exception.

Why Brent Crude Oil Is Surging Again

The oil market does not need much. One headline out of Tehran sends Brent crude spiking. Both benchmarks had dropped more than 7% in a single week as traders grew increasingly optimistic over a potential deal to restore Strait of Hormuz traffic, but those hopes are now fading fast.

Here is what is driving the current Brent crude oil rally:

• US strikes on southern Iran: US Central Command hit a ground control station preparing to launch a fifth drone
• Four Iranian drones were intercepted and destroyed by US forces
• Iran and Israel exchanged strikes over the weekend, threatening the fragile ceasefire and fueling fears of broader escalation.
• The Strait of Hormuz remains effectively closed under a dual US-Iran blockade, disrupting shipments of crude, refined fuels, and natural gas globally

Hormuz Closure: The Scale of the Supply Shock

This is not a typical geopolitical risk premium. The disruption is structural and deep. In early April, shipments through the Strait averaged around 3.8 million barrels per day compared with more than 20 million barrels per day in February, before the crisis began.

Piper Sandler estimates that about 4.5 million barrels of crude per day have left the Persian Gulf through alternative means, mostly via the East-West Pipeline connecting Saudi oilfields to the Red Sea port of Yanbu. That workaround only partially offsets the loss. Brent jumped 8% from $71.32 per barrel on February 27, 2026, to $77.24 per barrel on March 2, just the opening move of what became a multi-month surge past $100.

Energy Stocks Reacting to Every Headline

Crude price volatility has made energy the market’s most reactive sector in 2026. Exxon Mobil (NYSE: XOM) stock has gained about 24% so far in 2026, significantly outperforming the S&P 500, which has risen roughly 10% over the same period. On June 1, XOM climbed back toward $150, a gain of about 3%, after Iran halted negotiations with Washington.

Key energy stocks tracking the Brent crude oil move:

• Exxon Mobil (XOM): Closed at $145.26 before the June 1 rebound; JPMorgan carries a $170 price target
• Chevron (CVX): Up roughly 40% year-to-date, per Motley Fool
• ConocoPhillips, Occidental Petroleum, SLB, and Halliburton are all trading higher as Brent crude moves above $96

What Comes Next for Brent Crude Oil

The range for oil prices remains wide and data-dependent. Oil prices are expected to stay elevated, trading around $90 per barrel or higher, with Citi warning that prices could climb further if negotiations between the US and Iran continue to face obstacles. Exxon’s Dan Chapman has warned that physical Brent crude cargoes could reach $150 to $160 per barrel once inventories hit their floor.

Until the Strait of Hormuz reopens, Brent crude oil will remain tightly tethered to every military and diplomatic development out of Tehran and Washington. The $93–$96 range on June 10, 2026, reflects exactly that tension, elevated, volatile, and far from resolved.

Disclaimer

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.