Iran Closes Strait of Hormuz, Global Oil Prices Surge Over US$2

Global oil prices jumped more than US$2 per barrel on Thursday (11/6/2026) after Iran announced the closure of the Strait of Hormuz following additional United States strikes on Iranian territory. At the start of trading, US oil prices briefly surged by more than US$3 per barrel. Brent futures rose US$2.30, or 2.47 percent, to US$95.40 per barrel. Meanwhile, US West Texas Intermediate crude strengthened US$2.60, or 2.89 percent, reaching US$92.63 per barrel. Iran’s Joint Military Command announced the closure of the Strait of Hormuz on Thursday. Iran stated that oil tankers and commercial vessels attempting to cross the route would be targeted. However, the US military, via its official account on platform X on Wednesday (10/6/2026), stated that commercial ships were still transiting in and out of the Strait of Hormuz. The US military also said no US warships had been hit in the region, after Iranian state media reported that US vessels in the vicinity had been targeted by missiles and drones. US forces began launching additional strikes against several targets in Iran on Wednesday afternoon local time. These attacks worsened the escalation of a conflict that had previously de-escalated after both countries agreed to a fragile ceasefire in early April. Over the past several months, disruptions to shipping traffic in the Strait of Hormuz have kept oil prices elevated. The route serves as the passage for roughly one-fifth of the world’s oil and gas shipments.