Oil Prices Surge Amid Fears of a Second US-Iran War

Jakarta - Oil prices surged on Thursday (11/6/2026) after the United States (US) launched new military strikes against Iran. This has sparked fears that the war with Iran could become protracted, disrupting energy supplies for a longer period. US crude oil contract West Texas Intermediate for July delivery rose 2.94% to US$92.68 per barrel. The international benchmark Brent contract for August delivery rose 2.52% to US$95.45 per barrel. In a post on X, US Central Command (CENTCOM) said American forces had begun launching ‘additional self-defence strikes’ on Wednesday evening US time, or early Thursday morning Iran time. The military said the operation was conducted ‘in response to Iran’s unprovoked and continued aggression’. Meanwhile, Iranian state media reported that Tehran had launched missile and drone attacks on US vessels operating in the Strait of Hormuz. Iran said it is now completely closing the Strait of Hormuz. These latest strikes followed earlier comments from US President Donald Trump, who warned that Washington would intensify its military response to Iran as a ‘push’ for Tehran to agree to negotiations. Despite the new escalation in the US-Iran conflict, Rystad Energy said on Thursday that the oil market is in a better position to absorb disruptions than it was during previous crises. This is due to several reasons, including record US crude oil exports, weaker Chinese demand, and alternative export routes reducing reliance on the Strait of Hormuz. However, the consultancy’s senior vice president Jorge Leon warned that the chances of a near-term diplomatic breakthrough have diminished, leaving oil prices vulnerable to sharp fluctuations. Investors are now assessing whether the latest hostilities will remain contained or escalate into a more prolonged conflict, akin to a second US-Iran war.