Oil Jumps Over 2% as Iran Closes Strait of Hormuz

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June 11, 2026 – The price of oil rose by over 2% after the announcement from Iran that the Strait of Hormuz was shut down due to new attacks on their facilities by the Americans. Brent crude rose to $94.58 per barrel, while U.S. West Texas Intermediate (WTI) increased to $91.74 per barrel.

The price increase came amid fears about potential disruptions along this vital route for oil transport.

Strait Closure Raises Supply Concerns

According to the statement by Iran’s highest joint military command, the closure of the Strait of Hormuz to oil tankers and other civilian ships was ordered, adding that the passing ships would risk facing a military force’s response.

The Strait of Hormuz is strategically located and very important as far as global energy markets are concerned, since any problem associated with the passage of ships through the strait will definitely influence the price of oil and oil supplies.

Traders Brace for Further Volatility

The market is tracking news from the region, as uncertainty surrounding energy supplies continues to drive crude prices higher.

According to analysts, the fact that the latest escalation makes a near-term resolution of the conflict less likely, ensuring that crude oil exports from the Persian Gulf remain limited.

Energy Markets Focused on Next Steps

Now, all attention is focused on any indications that could indicate either de-escalation or further military conflict, given the impact of events in the region on global commodities.

As worries about supply increase, there is a likelihood that oil markets will continue to react to political news in the days ahead.