Oil rises after Trump's threats against Iran

Oil drilling rigs

Oil prices rose at the close of trading today, June 10, after US President Donald Trump threatened to attack Iran if a peace agreement is not reached. In addition, US inventory data reinforced concerns about supply shortages.

Trump renewed his threats against Tehran following the exchange of attacks between the two sides, accusing Iran of prolonging negotiations. He also announced that the US had seized "millions of barrels" of Iranian oil, without disclosing further details about these operations.

Separately, data from the US Energy Information Administration showed that crude oil inventories fell by 7.2 million barrels during the week ended June 5, exceeding analysts' expectations of a decline of only about four million barrels.

The data also revealed that US strategic petroleum reserves fell to their lowest level since August 2023, as refineries continued to increase operating rates to compensate for supply shortages caused by the war.

*Settlement on June 10.