Oil Prices Jump After Eleventh Night of U.S. Strikes on Iran

U.S. Central Command carried out its eleventh consecutive night of strikes against Iran, targeting Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities and logistics infrastructure. At the ASEAN Foreign Ministers’ meeting in the Philippines, Secretary of State Marco Rubio accused Tehran of violating a bilateral agreement over the strait, saying Iran “demands the right” to control the waterway and warning that such a precedent would be dangerous for the world. Rubio added that Washington remains committed to diplomacy but will act if Iran is not serious about talks.

CNBC

Following the strikes, global benchmark Brent crude futures for July delivery rose 3.5% to $94.20 per barrel, while front-month U.S. West Texas Intermediate (WTI) futures increased 3.8% to $87.56 per barrel. The price gains represented an almost 4% increase in oil prices by Wednesday morning, marking the sharpest single-day rise since the conflict escalated.

CNBC

Secretary of State Rubio emphasized that the Strait of Hormuz remains a “sticking point” in U.S.–Iran talks, asserting that Iran’s demand for control would set a “very dangerous precedent.” He warned that if Tehran is not serious about negotiations, the United States will take whatever actions are necessary to protect its interests and those of its allies.

CNBC

Oil tankers and cargo vessels were observed anchored off Port Sultan Qaboos near Qaboos Port in Muscat, Oman on June 21, 2026, reflecting heightened caution among shippers. The combination of sustained military pressure and diplomatic friction raises the risk of further disruptions to the narrow waterway that carries a sizable share of the world’s oil trade, potentially prompting rerouting, higher freight costs, and broader market volatility.

CNBC