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Oil prices rose after Trump warned Iran of more attacks, while US emergency crude reserves fell to their lowest level since August 2023.
Key Takeaways
Global oil prices rose on June 11, 2026, after fresh US strikes on Iran and President Donald Trump’s warning of more attacks brought traders back to supply-risk buying. Investing.com reported that Brent Oil Futures for August delivery rose 1.8% to $93.08 a barrel, while WTI crude climbed 1.8% to $89.78.
For India, this can pinch in both short and long periods. In the short run, refiners and oil marketing companies may face higher crude import bills. If prices stay high, transport, aviation fuel, food movement, and rupee pressure can become bigger concerns.
India imports a large share of its crude oil, so global price shocks travel into the economy through the import bill. Petrol and diesel prices may not change immediately, but expensive crude can affect oil company margins, airline fuel, freight, and daily goods moved by road.
There is one positive side. Higher crude can help upstream oil companies earn better revenue. But for households, the bigger risk is higher transport cost. LoansJagat reported on May 29, 2026, that Iran-war pressure had already affected crude, inflation, and Indian market sentiment. Its report can be read here: LoansJagat.
The table below shows the price shock and why Indian readers should track it.
These prices are important because India’s fuel costs, airline operations, and rupee trade can turn sensitive when Brent moves near the $90 to $95 zone.
Reuters reported on June 10, 2026, that US commercial crude inventories fell by 7.2 million barrels to 426.5 million barrels in the week ended June 5, 2026. Analysts had expected a smaller 4 million-barrel fall. Cushing stocks also dropped by 801,000 barrels.
Another Reuters report on June 10, 2026, said the US Department of Energy offered to loan up to 40 million barrels from the Strategic Petroleum Reserve. SPR crude stood at 349.2 million barrels, its lowest level since August 2023. The wider reserve plan involved 172 million barrels linked to global reserve action.
The second table gives the stock position behind the latest crude price pressure.
*T&C Apply
Falling stocks and fresh war warnings together make oil harder to price for import-heavy economies.
Reuters said traders were worried about supply after the latest US-Iran escalation. The US Department of Energy said its SPR loan plan was aimed at easing fuel price pressure. Times of India also reported on June 11, 2026, that crude rose as Hormuz tension deepened.
India can reduce risk by watching refinery margins, rupee movement, freight cost, and crude sourcing options. Fuel tax flexibility may also help if global crude remains expensive for several weeks.
Oil has risen because Trump’s Iran warning and lower US stocks have hit the market together. India may not see an instant pump-price jump, but fuel-linked inflation pressure can return fast.
Why Did Oil Prices Rise On June 11, 2026?
Oil prices rose after fresh US strikes on Iran and Trump’s warning of more attacks increased supply-risk buying.
How Much Did Brent And WTI Rise?
Brent rose 1.8% to $93.08 a barrel, while WTI climbed 1.8% to $89.78.
Why Is The US SPR Level Important?
US SPR fell to 349.2 million barrels, its lowest level since August 2023, reducing emergency crude cushion.
Can This Raise Petrol Prices In India?
Not instantly, but higher crude can pressure oil companies, freight cost, aviation fuel, and inflation.
What Was The Previous Update On US Crude Stocks?
Reuters reported US crude stocks fell by 7.2 million barrels to 426.5 million barrels on June 10, 2026.
Why can Iran tension still push up petrol prices worldwide?
Crude oil trades in one global market. When ships or supply look risky, traders pay more, so fuel costs rise even far away.
Why do petrol and diesel prices stay high in India?
Petrol and diesel stay costly because crude is bought in dollars, taxes are high, and states also depend on this money.
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