U.S. Resumes Strikes on Iran as Tehran Closes Strait of Hormuz on June 10; OPEC Output Falls to 2000 Low

According to official reports and the Iranian Defense Ministry, on June 10, the U.S. announced fresh strikes on Iran described as "very severe," while Iran closed the Strait of Hormuz and targeted U.S. vessels in the waterway. Iranian officials pledged a response "more decisive, more powerful, and more destructive than before."

The U.S. Energy Information Administration reported that crude oil inventory fell 7.227 million barrels to 426.485 million barrels as of June 5, while gasoline stocks rose 186,000 barrels. OPEC crude output in May declined 1.06 million barrels per day to 16.13 million barrels per day, marking the lowest monthly figure since 2000.