Following recent tensions, former President Trump stated the US would retaliate against Iran, though he didn’t specify where. This announcement, combined with military actions – including US strikes near the Strait of Hormuz, Iranian drone launches targeting the US Fifth Fleet in Bahrain, and the disabling of a tanker in the Gulf of Oman by US Central Command – caused fluctuations in oil prices.
The price of US oil, known as WTI crude, rose 2.1% to $91 a barrel on Wednesday. However, it remains 25% lower than its highest price in April, and there are three main reasons for this difference.
What’s Capping Oil Prices
Several factors are preventing oil prices from increasing as much as anticipated. China has significantly reduced its crude oil imports, reaching levels not seen in years. Additionally, governments around the world have been releasing large amounts of oil from their emergency stockpiles.
Despite recent US strikes against Iranian targets near the Strait of Hormuz, my research indicates that crude oil continues to be shipped through the area, though it’s happening discreetly and through unofficial channels.
— U.S. Central Command (@CENTCOM) June 11, 2026
Government data shows that U.S. oil reserves decreased by 7.2 million barrels last week. This marks the seventh week in a row that stockpiles have fallen, and the drop was larger than analysts predicted – they had expected a decrease of only 4 million barrels.
Oil supplies at the Cushing, Oklahoma storage facility decreased, but remained above the level needed to keep things running.
Speaking at a conference in London, Shell CEO Wael Sawan explained that the energy market is currently adjusting and reacting to immediate news events rather than long-term factors.
When the Russia-Ukraine war first began, BeInCrypto noticed a significant difference between the price of physical oil (Brent crude) – which reached $141 a barrel – and the price of oil futures, which were around $107. However, that price gap has become much smaller recently.
Trump’s Secret Hormuz Mission
As a crypto investor, I’m keeping a close eye on geopolitical stuff, and this is pretty significant. Trump just announced that the US has been quietly moving a *lot* of ships – over 200 – and a huge amount of oil, around 100 million barrels, through the Strait. Apparently, this has been happening under a ‘secret mission’ he authorized. It’s interesting to see what’s really going on behind the scenes, and how it might impact global markets – especially considering how much crypto relies on stable global trade.
Sources familiar with the operations reported that at least some ships traveled at night with their lights turned off to remain hidden.
The market has remained surprisingly stable because of secret supplies, a drop in demand from China, and governments releasing their emergency reserves.
The ceasefire agreed in late April has broken down, and StoneX market analyst Fawad Razaqzada told Bloomberg that risks to crude forecasts remain “tilted to the upside.”
Iran has stated it will strongly respond to any attacks. Now, the key question is whether the oil market can handle any further disruptions as it has with past incidents.
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2026-06-11 07:53