Reversing yesterday's plunge, crude oil prices surged on Wednesday amid concerns about the gulf conflict intensifying further after the U.S. and Iran recommenced attacks. The Strait of Hormuz continues to remain closed, keeping supply disruption concerns alive.
WTI Crude Oil for July month delivery was last seen trading up by $2.26 (or 2.56%) at $90.46 per barrel.
The Middle East crisis re-escalated following new attacks between the U.S. and Iran since late yesterday.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.