Oil prices drop amid renewed US-Iran attacks

Oil prices edged lower in volatile ​trade on Wednesday, June 10, 2026, as renewed United States-Iran hostilities muddied direction.

Brent futures fell 9 cents, or 0.1%, to $91.36 a barrel at 0641 GMT, while U.S. West Texas Intermediate crude eased 10 cents, or 0.1%, to $88.10 a barrel.

The benchmark contracts traded higher in the Asian morning on renewed strikes between the U.S. and Iran, ​and then retreated later in the session.

“The current downside is likely due to profit taking though ongoing tensions and ​inventory indications are providing a floor to prices,” said Emril Jamil, senior analyst for oil at ⁠LSEG.

The U.S. military struck Iranian targets after President Donald Trump vowed on Tuesday to respond to the downing of ​a U.S. Apache attack helicopter, a fresh escalation that threatens to unravel a fragile ceasefire between the United States and Iran.

A senior market analyst at Phillip Nova, Priyanka Sachdeva, said the latest attacks ​shifted traders’ focus back toward war risks and potential supply disruptions.

IMF sees Nigeria’s debt hitting $72.6bn by 2027

“While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets,” Sachdeva told Reuters.

Iran said it would resume hostilities if Israel continued ​to attack the Hezbollah militia in Lebanon.

Israel’s refusal to end its campaign against Iran-backed Hezbollah has hindered Trump’s efforts ​to extend a tenuous ceasefire in the wider U.S.-Israeli war with Iran into a durable settlement.

“With no imminent deal in sight and with ‌the ⁠global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand,” ING commodity strategists said in a note on Wednesday.

Meanwhile, Tehran has continued to block most shipping through the Strait of Hormuz, which normally carries a fifth of the world’s crude oil ​and liquefied natural gas. Washington ​has imposed its own blockade ⁠of Iranian ports.