Crude oil prices continued to rise amid renewed fighting in the Middle East

Crude oil prices rose on June 11 after Tehran announced the closure of the strategically important Strait of Hormuz in response to new US strikes on Iranian territory.

At the same time, President Donald Trump said he was ready for further attacks in the absence of a peace agreement, Reuters reported.

As of 02:43 GMT, Brent crude futures rose by $1.48, or 1.59%, to $94.58 per barrel.

US West Texas Intermediate (WTI) crude added $1.71, or 1.90%, to $91.74 per barrel. At the beginning of the trading session, US crude futures were up more than $3.

“This once again confirms that reaching an agreement remains far away, and energy supplies from the Persian Gulf will continue to be significantly limited,” ING analysts noted in a note to clients.

According to them, a new round of escalation of hostilities was one of the main factors driving up oil prices during morning trading.

At the same time, according to EIA data, crude oil inventories in the United States decreased by 7.2 million barrels per week to 426.5 million barrels. This exceeded the expectations of analysts who predicted a decrease of 4 million barrels.

Recall that the day before, Donald Trump held a meeting with his national security team, during which the participants discussed the possibility of launching new strikes on Iran.

Tags: prices