Brent Oil Surges to $94.93 as Fresh US Strikes on Iran Escalate

Brent crude jumped nearly 2% to $94.93 per barrel on June 11 after the US launched fresh strikes on Iran, reviving fears of supply disruptions through the Strait of Hormuz. The surge follows a rebound on June 10, when WTI climbed 1.5% to $89.56 amid an eighth straight weekly crude inventory draw of 9.1 million barrels and escalating Gulf tensions. Earlier consolidation near $87.50-$88 on June 9-10 reflected weak demand signals from China and Europe offset by tightening supply from OPEC+ cuts and outages in Russia, Libya and Venezuela. Global equities turned risk-off as hotter US PPI data reinforced expectations for sustained Fed hawkishness.