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US Hits Iran, Crude Prices Surge as Inventories Fall

6/11/2026

42 10 Full Breakdown

Summary

US Strikes Iran

United States struck Iranian targets near the Strait of Hormuz on June 10, 2026, lifting oil prices.
Brent crude rose to $93.10 a barrel, up 1.8%.
WTI crude climbed to $90.03 a barrel, about 2% higher.
API reported U.S. crude stocks fell 9.12 million barrels for the week ended June 5, the eighth straight draw.
Analyst Tamas Varga said inventory declines support prices while weak Chinese imports cap gains.

Summary

Trump Loves Inflation

President Donald Trump said he “loved” 4.2% inflation because the U.S. is removing millions of barrels of Iranian oil.
He announced a secret mission that moved over 100 million barrels of oil and cleared 200 commercial ships through the Strait.
Republicans warned the inflation surge could spark a backlash in the November midterms.
Trump said he ignores Americans’ finances to focus on stopping Iran from getting a nuclear weapon.

Summary

China Cuts Imports

China’s crude imports fell to an eight-year low of 7.79 million barrels per day in May, a 29% slump.
The cut to 7.8 million bpd, down from about 11 million, represents roughly 74% of the global decline.
China drew about 1 million barrels daily from its 1.4 billion-barrel reserves in May to avoid top-dollar purchases.
Power firms lost money after the tariff cap, prompting plant shutdowns and outages.

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US Strikes Iran

United States struck Iranian targets near the Strait of Hormuz on June 10, 2026, lifting oil prices.
Brent crude rose to $93.10 a barrel, up 1.8%.
WTI crude climbed to $90.03 a barrel, about 2% higher.
API reported U.S. crude stocks fell 9.12 million barrels for the week ended June 5, the eighth straight draw.
Analyst Tamas Varga said inventory declines support prices while weak Chinese imports cap gains.

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