Oil & Iran / Hormuz

Reuters, carried by The Business Times, reported lower Brent and WTI settlements as traders priced a possible US-Iran agreement. The same report noted that a memorandum had not yet been signed and could still change.

Brent futures settled at US$87.33 a barrel, down US$3.05, or 3.4 per cent. Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.

Reuters reported that oil rose after Trump said the United States would hit Iran again and that Tehran declared the Strait of Hormuz closed, while U.S.-Iran messages on a memorandum continued. The row is material because it updates both escalation and partial negotiation channels around the trigger threshold.

Hostilities between the U.S. and Iran have recently escalated. Tehran declared the Strait of Hormuz closed after the U.S. launched additional strikes against Iran and as Trump vowed more attacks if no peace deal is secured.

Reuters reported a second successive day of U.S.-Iran air attacks and Trump's threat to take Kharg Island. The row is material because it adds a fresh kinetic escalation path tied to Iranian oil infrastructure and the Hormuz conflict.

The U.S. carried out attacks across Iran on Thursday and Tehran fired at U.S. bases in the region following Monday's downing of a U.S. Apache helicopter near the Strait of Hormuz. The U.S. military said "military surveillance capabilities, communication systems and air defense sites across Iran" had been targeted in about four hours of attacks in response to Tehran's "unwarranted and continued aggression."

CME reported a large intraday WTI swing as cancelled strike reports reduced escalation pricing, while US inventory data still showed tightening. This is market-data context, not evidence of physical reopening.

Bob Iaccino discusses the massive 8% intraday swing in July WTI Crude Oil futures. Prices initially gapped higher, touching 93.64, before reversing sharply following reports that the administration canceled planned strikes on Iran.

Reuters reported renewed Iran-U.S. hostilities with missile and drone attacks on U.S. bases in Jordan, Kuwait, and Bahrain and a mild oil-price reaction. The row is material because it confirms the escalation remained active before the run timestamp and updates market transmission.

Iran's Revolutionary Guards said they had carried out missile and drone attacks on U.S. military bases in Jordan, Kuwait and Bahrain in retaliation for American strikes on Iranian targets around the Strait of Hormuz. Oil prices reacted relatively mildly to the strikes, edging up from seven-week lows touched in the previous session. Brent futures rose 0.2% to $91.66 a barrel, while U.S. West Texas Intermediate WTI crude climbed 0.3% to $88.46.

Reuters reported Trump's claim that a secret U.S. mission supported tanker traffic through Hormuz. The row is material because it is a live U.S. official transit claim bearing on partial reopening and bull-case assessment.

U.S. President Donald Trump on Wednesday said over 100 million barrels of crude had passed through the Straits of Hormuz as part of what he called a secret U.S. mission to support oil tankers. "More than 200 Commercial Ships have safely traveled through the Strait," he said in a post on Truth Social.

IEA updated its maritime chokepoints monitor and warned that AIS limitations include GPS jamming, spoofing, and dark vessels. The row is material because it is a Grade A primary-source update on the key traffic-measurement input for the Hormuz trigger.

Last updated 10 Jun 2026. Users should be aware that GPS jamming, automatic identification system (AIS) spoofing, and vessels going dark are all reported issues in the region; PortWatch's FAQ page has further detail on the limitations of AIS data.

Reuters reported U.S. strikes on Iranian air defense, ground control, and surveillance radar sites near the Strait of Hormuz after Trump said Tehran shot down a U.S. Apache helicopter. The row is material because it documents a fresh kinetic Hormuz incident and escalation risk around the trigger threshold.

WASHINGTON/DUBAI, June 9 (Reuters) - The United States launched strikes against Iran on Tuesday after President Donald Trump said Tehran had shot down a U.S. Apache helicopter in the Strait of Hormuz, deepening doubts over a potential peace deal and further straining a fragile ceasefire. The U.S. military said on X it had targeted Iranian air defense, ground control stations and surveillance radar sites near the Strait of Hormuz.

Financial Times reported that U.S. Energy Secretary Chris Wright said Hormuz flows were rising meaningfully, while cautioning that recovery would take months. The row is material because it is a partial bull-case input but not enough by itself to satisfy the downgrade test.

Oil prices dropped on Tuesday as the US energy secretary signalled more ships were managing to transit the Strait of Hormuz, prompting optimism that the supply crunch gripping global markets could soon ease. Brent crude, the international benchmark, slipped 3 per cent to settle at $91.45 a barrel.

Atlantic Council reported U.S. Energy Secretary Chris Wright saying shipping traffic was rising but normalization would take time. The row is material because it is a Grade B named-source partial bull-case input, while still refuting near-term normalization.

The United States and Iran still haven't agreed to a deal that reopens the Strait of Hormuz. But according to US Energy Secretary Chris Wright, shipping traffic is already "rising very meaningfully."