Vincent Wu
Research Associate, Flux
Brent Weaker at $91.30
Maritime clashes off Yemen, global inflation split, energy finds, and ongoing Ukraine strikes
Published: June 10, 2026
Written by:
Vincent Wu
4 page report
This morning, Aug'26 Brent futures dropped from $92.75/bbl at 03:03 BST to $91.28/bbl at 11:00 BST (time of writing).
The UKMTO reported a recent maritime security incident off Yemen, where a gunboat opened fire on a commercial vessel about 88 nautical miles southwest of Balhaf. The ship’s armed security returned fire, and the attacking craft withdrew. China’s consumer inflation stayed flat in May at 1.2% y/y, missing expectations, while factory-gate prices rose at the fastest pace in nearly four years. The split reflects weak domestic demand, including a sharp fall in pork prices, even as industrial pricing strengthens amid broader global pressures. The divergence raises concerns about profit margins for Chinese companies despite stronger factory-level inflation. QatarEnergy and Shell have reported a new oil discovery at the Merlin-1X well offshore Namibia in the Orange Basin. The partners say it shows good-quality light oil and is the most promising result yet in the PEL 39 block, reinforcing the area’s exploration potential. Zelensky said Ukrainian forces struck Russian energy and military infrastructure overnight, including the Kuibyshev oil refinery in Samara and two oil facilities in the Vladimir region. He also claimed a military factory in Cheboksary, producing drone and missile components, was hit, part of ongoing long-range Ukrainian attacks on Russian oil and defence targets. Egypt’s oil minister said the country has fully cleared arrears owed to international oil and gas companies, calling it a turning point for the sector. The move is aimed at restoring investor confidence and supporting future energy production and investment. Finally, the Aug/Sep’26 and Aug/Feb’27 Brent futures spreads are at $1.56/bbl and $8.02/bbl, respectively.
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