Vincent Wu
Research Associate, Flux
Brent Surges To $94/bbl
Brent jumps to $94 following Trump's renewed threats to Iran; Shell CEO says supply loss from Iran war will likely take a year to rebalance
Published: June 10, 2026
Written by:
Vincent Wu
4 page report
Brent crude futures jumped up from $91 to $93/bbl at midday BST following Trump’s truth social post, scolding that Tehran had taken “too long to negotiate a deal” and would now “have to pay the price”.
This comes after tit-for-tat strikes between the US and Iran overnight. Meanwhile, EIA data indicated a larger-than-expected draw in US crude inventories of 7.2mb, while the SPR declined by 7.9mb over the same period. Prices rose further up to $94/bbl just before 17:00 BST as Trump escalated his threats against Iran whist pressing them to sign a deal. In other news, Nigeria’s Dangote oil refinery has derated its RFCC by 34% since May 21 and expects the unit to resume full rates in mid-June, according to IIR. Italian refineries have ramped up jet fuel production this year, where it increased domestic production to cover 70% of demand in the first months of 2026, according to the head of fuel producers’ association UNEM. At a Wall Street Journal CEO Summit in London, Shell’s CEO Wael Sawan said the world is in danger of borrowing from future oil supplies to cope with Iran war disruptions, where the Strait’s closure has already resulted in a supply loss of 1.2 billion barrels that will likely take a year to rebalance. Finally, the Aug/Sep’26 and Aug/Feb’27 Brent futures spreads are at $1.61/bbl and $8.60/bbl respectively.
Written by
Related News
Kinetic Potential
See all the updates across the barrel, as well as six contracts to watch.
6 reports
Brent Weaker at $91.30
Maritime clashes off Yemen, global inflation split, energy finds, and ongoing Ukraine strikes
4 page report
Flip/Flop
Although there has been some selling in prompt July rolls, we continue to hear market rumours of buy-side expectations in July structure....
Brent to $90/bbl
US trade deficit narrowed; Kuwait resumes oil exports to Asia; India offers jet fuel hedge.
4 page report