Crude oil futures gain after additional US strikes on Iran

by Hansraj Agrawal | Jun 11, 2026 | Business

Crude oil futures traded higher on Thursday morning after US forces launched additional strikes on multiple targets in Iran.

At 10.09 am on Thursday, August Brent oil futures were at $94.46, up by 1.46 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $91.52, up by 1.66 per cent. June crude oil futures were trading at ₹8774 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8726, up by 0.55 per cent, and July futures were trading at ₹8620 against the previous close of ₹8587, up by 0.38 per cent.

A press release by the US Central Command (CENTCOM) said that CENTCOM forces completed additional self-defence strikes against multiple targets in Iran on June 10, at the Commander in Chief’s direction.

CENTCOM forces launched strikes on Iranian military surveillance capabilities, communication systems, and air defence sites across Iran. US Marine Corps, Air Force, and Navy assets fired precision munitions on Iranian targets that posed a threat to US forces and international commercial ships transiting regional waters.

The strikes are in response to Iran’s unwarranted and continued aggression, it said.

In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices have continued to rally in early morning trading on Thursday amid additional US strikes in Iran. US President Donald Trump threatened Iran that more strikes will follow if it doesn’t agree to a deal; Iran said the Strait of Hormuz will be closed until further notice.

While that isn’t something Iran can officially do, it can make vessel crossings a lot more difficult. This leaves shipowners reluctant to navigate the key chokepoint. It once again suggests a deal is still some way off and that energy flows from the Persian Gulf will remain heavily constrained, they said.

There have been media reports of increased oil flows through the Strait of Hormuz, with suggestions of around 2 million barrels a day of crude oil and refined products (compared to pre-war flows of around 20 million barrels a day).

“This doesn’t change our view. We had already been assuming flows of a little over 2 million barrels a day through the Strait of Hormuz. If anything, there’s downside risk to this number in the short term, given the more recent re-escalation,” they said.

In a post on the social media platform Truth Social, US President Donald Trump said: “Last month, I directed our Great US Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz. Today, I am pleased to announce that this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely travelled through the Strait. This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran. Their military is defeated, and their economy is lost. It’s over for Iran!”

ING Think’s Commodities Feed said the latest inventory data from the US Energy Information Administration (EIA) shows that the US oil market continues to tighten, with US commercial crude oil inventories falling 7.23 million barrels over the last week. This is the seventh consecutive week of declines.

June nickel futures were trading at ₹1679 on MCX during the initial hour of trading on Thursday against the previous close of ₹1710, down by 1.85 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), June castorseed contracts were trading at ₹6563 in the initial hour of trading on Thursday against the previous close of ₹6549, up by 0.21 per cent.

June jeera futures were trading at ₹19075 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹19155, down by 0.42 per cent.

Published on June 11, 2026

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“US controls Strait of Hormuz”: Pete Hegseth amid escalating tension with Iran

by Hansraj Agrawal | Jun 11, 2026 | Business

Amid escalating tensions with Iran, US Secretary of War Pete Hegseth on Wednesday (local time) said that the United States “controls” the Strait of Hormuz. He also asserted that US operations have ensured the continued movement of commercial shipping and oil through the key waterway despite Iranian opposition.

Speaking to the reporters outside of US CENTCOM headquarters in Tampa, Florida, Hegseth said, “… the US Central Command has known that Project Freedom, the idea of running ships through the Strait of Hormuz, has never stopped. It just went underground… we’ve been protecting commercial shipping going through the Strait of Hormuz, as the president announced, to the tune of over 100 million barrels that have moved through and more. in the middle of the night, protected by the United States in a way that Iran can’t stop. They can’t see it, and they can’t stop it…”Pete Hegseth said the US blockade has halted around 140 ships linked to Iranian ports and asserted that the United States controls the Strait of Hormuz.

He added, “If our blockade is ironclad, which it is. We just disabled another tanker attempting to leave just yesterday. Our blockade has stopped almost 140 ships attempting to navigate in or out of Iranian ports. If our blockade is ironclad, which it is, and we’re able to move commercial shipping in and out of the Strait of Hormuz, who controls the Strait of Hormuz? President Trump said it, and he’s right. The United States of America controls the Strait of Hormuz. We’re able to move oil in and out and other things with partners and have done so now for weeks and weeks in ways the Iranians don’t want to acknowledge. That’s a powerful reality on the ground…”

Further, speaking about the incident involving a US Apache helicopter that was shot down by Iran, he said the pilots were in “good shape” and commended their performance in a “contested environment”.

“The Apache pilots are in good shape. What they did bringing that thing down was incredible. It was just class A work by the great Americans who are incredibly skilled. People don’t realise this is a contested environment. As we’ve noted, we’re running ships through. Iran doesn’t really know how to see them or how to sense them. And so they’re doing well, good spirits, and we’re grateful for everything they’ve done to protect the shipping and our interests in the process,” he said.

Published on June 11, 2026

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Gold whipsaws in choppy trading as US completes new Iran strikes

by Hansraj Agrawal | Jun 11, 2026 | Business

Gold prices spiked up after the US strikes against Iran. President Donald Trump accused Iran of dragging out talks on an interim peace deal. In response, Tehran said it was closing the Strait of Hormuz to all vessels.
| Photo Credit:
FRANCIS MASCARENHAS

Gold whipsawed after the US completed a fresh round of strikes against Iran, raising the stakes in a war that’s roiled global markets and stoked inflation.

Bullion rose as much as 1.1% in choppy trading, reversing a drop of similar magnitude that took the metal close to $4,000 an ounce earlier Thursday. The US military said it had completed strikes against targets in Iran, after US President Donald Trump accused the country of dragging out talks on an interim peace deal. In response, Tehran announced that it is closing the Strait of Hormuz to all vessels.

The latest attacks underscored Trump’s growing impatience that the two sides have failed to reach an agreement. Now in its fourth month, the war has disrupted energy flows via Hormuz, caused oil prices to rise and raised the likelihood of interest-rate hikes as central banks try to keep inflation in check.

US inflation accelerated in May to the fastest pace in more than three years as the war pushed up energy prices, outstripping Americans’ pay gains. The consumer price index climbed 0.5% from April and 4.2% from a year earlier, the most since early 2023, according to the Bureau of Labor Statistics data out Wednesday.

Gold is around 22% below where it was trading before the Iran war broke out at the end of February. The metal’s recent decline through its 200-day moving average has triggered additional selling as it’s seen as an important level watched by institutional investors.

“The constant flow of conflicting headlines is increasing uncertainties and prompting investors to reduce risk exposure and raise liquidity across a range of asset classes,” Robert Gottlieb, a consultant and former precious metals trader at JPMorgan Chase & Co., wrote in a LinkedIn post. The latest slump “is more about deleveraging and portfolio repositioning, rather than a fundamental reassessment of gold as a safe-haven asset,” he wrote.

Spot gold rose 0.6% to $4,097.73 an ounce at 10:05 a.m. in Singapore, having lost more than 4% in the previous session. Silver climbed 1% to $63.96 an ounce. Platinum and palladium also advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was 0.1% lower.

More stories like this are available on bloomberg.com

Published on June 11, 2026

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Oil surges as fresh US strikes on Iran threaten fragile truce

by Hansraj Agrawal | Jun 11, 2026 | Business

Oil jumped after a second day of US military strikes on Iran, with the Islamic Republic announcing a halt to all vessels through the Strait of Hormuz in response, putting further strain on a fragile ceasefire.

Brent crude surged more than 2% to trade above $95 a barrel, while West Texas Intermediate advanced toward $93, before paring gains after the US military announced an end to the brief campaign. President Donald Trump has accused Tehran of dragging out talks on an interim peace deal, and he warned of more strikes in an interview with Fox News if an agreement isn’t signed.

The US military earlier refuted the Iranian claim Hormuz has been completely closed, saying commercial ships are continuing to transit the waterway. State-run Press TV reported Iran had struck two vessels attempting passage in the strait, while drones had targeted the US Fifth Fleet in Bahrain.

The fresh US attacks follow strikes on Tuesday in retaliation for the downing of an American helicopter off Oman. Renewed hostilities threaten to extend the near-total closure of the Strait, which has choked off supplies of crude, fuels and natural gas since the start of the war in late February.

“The next few days will be critical in determining whether diplomacy can reassert itself or whether the conflict moves into a more sustained escalation cycle,” said Jorge Leon, the head of geopolitical analysis at consultant Rystad Energy. “Oil price volatility is likely to remain elevated until there is clearer evidence” for the ceasefire holding, he added.

US Central Command said it conducted “additional self-defense strikes” due to Iran’s “unwarranted and continued aggression.” Trump told Fox News he had spoken with top Iranian officials on Wednesday and they had asked him to stop the bombing. However, Iranian news organizations said authorities in Tehran denied direct talks with the American president.

Late Wednesday, Trump claimed in a social media post that the US military had supported the passage of “more than 200 commercial ships” through Hormuz, resulting in “more than 100 million barrels of oil” making it to market. It isn’t clear what the basis of his claim is. Trump also said the US controls the strait, “not Iran.” Both countries have implemented blockades.

Oil flows remain significantly below pre-war levels, although there has been a trickle exiting the Persian Gulf under the cover of darkness, with physical markets showing some signs of ample supply. Still, the disruption to Middle East shipments has driven energy prices higher, including retail US gasoline, and raised concerns about slowing economic growth.

Separately, US government data on Wednesday showed US crude inventories fell by 7.2 million barrels last week, extending declines for a seventh week. Supplies at Cushing, Oklahoma, also dropped slightly.

More stories like this are available on bloomberg.com

Published on June 11, 2026

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Stock Market Today Live: Stock to buy today: Ajanta Pharma (₹3,073) – BUY

by Hansraj Agrawal | Jun 11, 2026 | Business

ensex Today, Nifty 50 | Stock Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 11th June 2026

The short-term outlook is bullish for Ajanta Pharma. The stock is moving in a bull channel since November last year. The recent bounce has happened from just above the lower end of the channel. The chances are high for the stock go up towards the upper end of the channel from here. Support is in the broad ₹3,000-₹2,900 region which can limit the downside. Ajanta Pharma share price can rise to ₹3,350 in the coming weeks. Traders can buy Ajanta Pharma shares now at ₹3,073. Accumulate on dips at ₹3,010. Keep the stop-loss at ₹2,885. Trail the stop-loss up to ₹3,120 as soon as the stock goes up to ₹3,180. Revise the stop-loss higher to ₹3,230 and 3,290 when the price touches ₹3,270 and ₹3,320 respectively. Exit the long positions at ₹3,350.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

June 11, 2026 07:01
Technical call buy

Today’s Stock Recommendation: June 10, 2026
June 11, 2026 06:59

Iran closes Strait of Hormuz after US strikes, escalating Gulf tensions

Iran closes Strait of Hormuz after US strikes, escalating Gulf tensions

Iran’s IRGC declares Strait of Hormuz closed after US strikes, warning ships of attack as clashes intensify and global oil supply fears rise.
June 11, 2026 06:58

US inflation climbs to 4.2% and hits 3-year high amid rising fuel costs

US inflation jumps to 4.2% as energy costs spike and households feel the squeeze

US inflation rises to 4.2% as gas prices surge, driven by global tensions. Fed faces pressure as households struggle with higher costs across the economy.
June 11, 2026 06:58

US military launches fresh strikes on Iran as Trump warns of further escalation

US military launches fresh strikes on Iran as Trump warns of escalation

US military launches fresh strikes on Iran after President Trump warns of escalation, deepening West Asia tensions and disrupting Strait of Hormuz shipping rise
June 11, 2026 06:52
Technical call buy

Stock to buy today: Ajanta Pharma (₹3,073) – BUY

Stock to buy today: Ajanta Pharma (₹3,073) – BUY

Buy Ajanta Pharma shares at ₹3,073; target price ₹3,350 with a bullish short-term outlook.

Published on June 11, 2026

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US military launches fresh strikes on Iran as Trump warns of escalation

by Hansraj Agrawal | Jun 10, 2026 | Business

Iranian missiles are launched, as Iran’s Revolutionary Guards said they had carried out attacks against a U.S. base in Jordan and 21 other targets in the Gulf on Wednesday in retaliation for American strikes around the Strait of Hormuz, from a location given as Tehran, Iran, released June 10, 2026, in this still image taken from a video.
| Photo Credit:
WANA VIA POOL

The US military said Wednesday night that it has begun fresh round of strikes against Iran after President Donald Trump said more were coming. The escalating attacks threatened to derail efforts to end the war, with Trump warning that Tehran would “pay the price” for stalled negotiations.

US Central Command said in a social media post that the military is striking “multiple targets in Iran” and that it’s being done “in response to Iran’s unwarranted and continued aggression”.

The strikes come a day after the US struck Iran following the crash of an Army helicopter near the Strait of Hormuz that Trump blamed on the Islamic Republic.

Trump urged Iran to sign a deal to end the war.

Earlier Wednesday, the US military said it had fired on an oil tanker attempting to transport oil from Iran in violation of its blockade on Iranian ports.

Trump’s comments underlined his whipsaw approach to the war; earlier this week he suggested a deal to end the conflict could be reached in a matter of days.

Iran has proved resilient despite weeks of heavy bombing. It is betting that its ability to effectively close the Strait of Hormuz — a crucial passageway for oil and natural gas — gives it a strong bargaining chip.

Iran’s United Nations envoy said the US should refrain from threats of force if it wants a deal.

“Iran has never negotiated under threats and pressure and will never submit to pressure or question,” Ambassador Amir Saeid Iravani told the UN Security Council on Wednesday.

Still, both countries seem to be looking for a way to end the conflict — if they can manage to sell it as a win at home.

Israel Prime Minister Benjamin Netanyahu appears intent on pursuing goals that make compromise harder: the collapse of Iran’s theocratic government, the elimination of its nuclear programme, and the destruction of the Iranian-allied Hezbollah militant group in Lebanon. On Monday, Iran and Israel targeted each other.

Trump says US is sneaking oil past Strait of Hormuz

Since the US and Israel started the war with February 28 attacks on Iran, the conflict has shaken the global economy, driven up energy prices worldwide, and made food and other basics more expensive.

The international benchmark for crude oil traded above USD 93 a barrel on Wednesday, up more than 25 per cent since the start of the war.

Trump said Wednesday the US military has since last month undertaken a “secret mission” to sneak oil shipments past Iran’s forces in the Strait of Hormuz. He said ships were slipping through at night, aided by the destruction of Iranian radar equipment.

Trump said as a result more than 100 million barrels of oil have evaded Iran’s chokehold on the strait. There was no immediate confirmation of that figure, which roughly equals five days of oil shipments through the waterway before the war began.

The military’s role was not immediately clear. Capt Tim Hawkins, a Central Command spokesman, said US forces “communicate and coordinate” with commercial ships in the area, but gave no details on military support being offered.

US, Iranian strikes shake West Asia

The US military said Wednesday an American aircraft fired “precision munitions” into the engine room of the Palau-flagged vessel M/T Settebello as it attempted to breach the naval blockade with a shipment of Iranian oil. It was the eighth merchant vessel disabled by US forces in waters off Iran.

India’s foreign ministry said three Indian sailors were missing after the Settebello was struck, while 21 others were rescued. Its statement did not mention the US military or the blockade.

Hawkins of US Central Command said American forces warned the crew before firing on the ship.

The US military said strikes earlier Wednesday targeted “air defense, ground control stations, and surveillance radar sites.” Iran said US strikes hit two water reservoirs in the southern city of Sirik, temporarily cutting off water to thousands of people. US Central Command had no immediate comment.

Tehran later claimed attacks in Kuwait, Bahrain and Jordan.

Jordan said it shot down five incoming missiles, which Iran said targeted an air base hosting American military aircraft.

Bahrain and Kuwait said they intercepted incoming fire.

Iranian Foreign Minister Abbas Araghchi condemned the American attacks as a violation of Iranian sovereignty. Foreign Ministry spokesperson Esmail Baghaei said in televised comments that, following the new attacks, Iran would review its stance on negotiations to end the war.

Efforts to mediate a deal continued. Following consultations with the US, a delegation from Qatar arrived in Tehran for talks on Wednesday, according to an official with knowledge of the visit who requested anonymity due to the sensitivity of the talks.

The exchanges of fire came a day after a US Army attack helicopter crashed near the Strait of Hormuz. The helicopter collided with an Iranian drone, according to a US official speaking on condition of anonymity to discuss an ongoing investigation. It wasn’t clear whether the collision was intentional.

A drone boat rescued the helicopter’s two crew. Trump said they were uninjured.

Big disagreements stand in way of quick peace deal

Wary of high gas prices in the run-up to congressional elections in November, Trump seems to be looking for a quick win. But he is also making demands that will be tough for Iran to swallow.

The US wants to see Iran give up its stockpile of highly enriched uranium. While Iran insists its nuclear program is peaceful, that uranium is a short technical step from weapons-grade levels.

Iran is refusing to give up the uranium and demanding relief from sanctions. It also wants the release of frozen assets even before a final agreement is in place, something Trump rejected.

It’s not clear how those differences can be bridged. In a Truth Social post Wednesday, Trump said Iran was taking “too long to negotiate a deal” and “now they will have to pay the price!!!” Iran has insisted that any deal to end the war must also end fighting between its ally Hezbollah and Israel. Israel has instead intensified its military campaign against the Lebanon-based militant group.

An airstrike on a village east of Tyre killed at least six people, Lebanon’s state-run National News Agency reported. It said two others were killed by an Israeli drone strike on a car in the southern city of Sidon.

Published on June 11, 2026

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