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Oil Falls 4% as Hormuz Traffic Rises, Trump Urges Peace

6/10/2026

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Summary

Story summary

U.S. Energy Secretary Chris Wright said Strait of Hormuz traffic rose, pulling Brent to $91.34 and causing oil prices to fall 4%.
Ships have begun evading blockades by turning off transponders, prompting Wright to warn a peace deal would need months for oil supply chains to normalize.
China cut May oil imports by 4 million barrels per day, prompting President Donald Trump to push for a peace accord before the November midterms.

History

Historical Context

In 1990 Iraq invaded Kuwait, prompting UN Security Council Resolutions 660 and 661, sanctions, and a naval blockade that halted oil flow and raised prices. Iraq blamed Kuwait’s OPEC over-production, which it claimed cost $14 billion annually. Today, U.S. officials warn that ships disabling transponders and China’s cut of millions of barrels risk similar Gulf-wide supply shocks.

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Story summary

U.S. Energy Secretary Chris Wright said Strait of Hormuz traffic rose, pulling Brent to $91.34 and causing oil prices to fall 4%.
Ships have begun evading blockades by turning off transponders, prompting Wright to warn a peace deal would need months for oil supply chains to normalize.
China cut May oil imports by 4 million barrels per day, prompting President Donald Trump to push for a peace accord before the November midterms.

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