Oil rises after US-Iran tensions resurface / Futures contracts immediately rose 66 cents per barrel
Oil prices rose on Wednesday, pulling back from a seven-week low after the U.S. military launched fresh strikes against Iran. Market data showed another big draw in U.S. crude inventories. Brent crude futures rose 66 cents to $92.11 a barrel.
The US military struck Iranian targets after President Donald Trump vowed on Tuesday to respond to the downing of a US Apache helicopter. The new escalation threatens to disrupt a fragile ceasefire between Washington and Tehran.
The latest attacks have shifted traders' focus back to the risks of war and potential supply disruptions, market analysts say. With no imminent deal on the horizon and the global oil market tightening significantly by the day, we see price increases, especially if these disruptions continue into the third quarter, a period of stronger seasonal demand for oil, analysts say.
Meanwhile, the past week has seen a surge in oil imports from the Middle East. According to figures, jet fuel imports from the EU and the UK from Saudi Arabia's Red Sea port of Yanbu reached 118,000 barrels per day in the first week of June, their highest levels since August 2025.
However, the oil price has had a significant negative impact on global economic indicators, including the US. Investors will examine US inflation data later on Wednesday to assess the impact of the war. A Reuters poll of economists predicts that inflation is likely to rise by 4.2% in the 12 months to May, in what would be the biggest annual increase since April 2023.
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