[DAILY TRADING] Crude Oil Analysis 11 June 2026 — Brent Crude Oil Drops to $94, WTI at $90 as Iran Shuts Hormuz
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Updated Thu, 2026 June 11 08:22
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Brent Crude Oil (UKOUSD) is at $94.26 as of 07:24 UTC on 11 June 2026, down 0.37% from the session open near $94.61. WTI Crude Oil (USOUSD) sits at $90.73, off 0.38% from the open. Both gave back early gains after Iran’s military command announced the closure of the Strait of Hormuz to tanker traffic following fresh US strikes, per Reuters.[1]
All prices are as of 07:24 UTC on 11 June 2026. Charts are from TradingView via Vantage and are indicative. This is not financial advice.
Key Points
- Brent crude oil (UKOUSD) reached a session high of $94.68 before declining to $94.26 as of 07:24 UTC. RSI (14) on the Vantage feed reads 29.58, placing Brent in oversold territory. WTI (USOUSD) sits at $90.73 with RSI at 27.07 on the TradingView setup, also in oversold territory.
- Iran’s military command announced the closure of the Strait of Hormuz on 11 June 2026 following fresh US strikes, per Reuters.[1] US crude inventories fell 7.228 million barrels in the week ended 5 June 2026, a seventh straight weekly draw, beating the 4 million barrel consensus, as shown in EIA data.[2]
- OPEC+ approved a 188,000 bpd quota hike for July 2026 on 7 June, the fourth consecutive monthly increase.[3] Rystad Energy analysts note the move carries limited market significance while Hormuz remains closed.[3]
Brent Crude Oil and WTI Price Chart: UKOUSD and USOUSD 15M
What the 15M Charts Show: Brent and WTI Price Action Today
The UKOUSD 15M crude oil price chart covers 4 to 11 June 2026. Brent opened the week near $99 on the Vantage CFD feed and trended lower across five sessions. A sharp drop on 9 June around 16:00 UTC pushed price to a multi-day low just above $92, before a partial recovery toward $96 on 10 June. Selling resumed into today’s session. The MA50 on the TradingView setup sits at $94.21, now converging with price. The MA200 is at $95.46, above current trading. RSI (14) reads 29.58 on the TradingView setup used for this analysis, with the signal line at 40.37.
WTI (USOUSD) followed a similar path on the 15M chart — a step-down from near $98 early in the week, with a sharp low near $87.70 on 9 June. Price recovered toward $93-$94 on 10 June before renewed selling. USOUSD is at $90.73, below the MA200 at $92.20. RSI reads 27.07 on the TradingView setup, placing the indicator in oversold territory.
Crude Oil News Today: Hormuz Closure, EIA Draw, and OPEC+ Hike
Iran’s top military command announced the closure of the Strait of Hormuz on 11 June 2026 following fresh US strikes, according to Reuters, with Tehran stating no safe transit would be guaranteed for vessels attempting passage.[1] The US launched additional strikes after President Trump accused Tehran of stalling peace talks. The Strait handles approximately 20-21 million bpd, around one-fifth of global petroleum consumption.[4] US Energy Secretary Wright noted some vessel traffic is rising despite disruptions, as reported by Reuters.[1]
EIA data from 10 June 2026 showed US crude stocks fell 7.228 million barrels to 426.5 million barrels for the week ended 5 June 2026 — the seventh consecutive weekly draw, well above the 4 million barrel consensus.[2] According to Reuters, US inventories, including strategic reserves, have fallen by approximately 79 million barrels since the conflict began on 28 February 2026.[1]
OPEC+ members approved a 188,000 bpd quota increase for July 2026 on 7 June, the fourth consecutive monthly hike.[3] According to OPEC figures cited by Reuters, actual group output fell to 33.19 million bpd in April from 42.77 million bpd in February as Hormuz exports collapsed. Rystad Energy’s Jorge Leon, a former OPEC official, said the hike carries limited market significance while the Strait remains closed, CNBC stated.[3]
Find out what drives the oil markets and what you should know as a trader here.
UKOUSD and USOUSD CFD Levels — 11 June 2026
Reference levels on the Vantage UKOUSD and USOUSD CFD feeds as of 07:24 UTC. Not trade signals.
| Pair | Support | Resistance | What’s Happening |
| UKOUSD (Brent) | $93.50 / $92.50 | $95.00 / $96.00 | At $94.26, 07:24 UTC; RSI 29.58, below MA200 $95.46 |
| USOUSD (WTI) | $90.50 / $89.50 | $91.80 / $92.50 | At $90.73, 07:24 UTC; RSI 27.07, below MA200 $92.20 |
Table 1: Vantage UKOUSD and USOUSD CFD levels as of 07:24 UTC, 11 June 2026. Sources: TradingView, Reuters, EIA, Investing.com. Indicative only.
Crude Oil Price Outlook: What to Watch Today
US-Iran diplomatic signals remain the most watched variable for Hormuz reopening. The EIA Short-Term Energy Outlook from June 2026 assumes strait shipments resume in Q3 2026, though it flags this timing as uncertain.[4] The next EIA weekly inventory data covers the week ended 12 June 2026.
Both UKOUSD and USOUSD show RSI readings in oversold territory as of 07:24 UTC — 29.58 and 27.07 respectively on the TradingView setup used for this analysis. These readings on their own do not constitute directional signals. Market participants continue monitoring geopolitical developments and their potential impact on energy-related assets.
The 9 June swing through $92 on UKOUSD and the sub-$88 low on USOUSD are a reminder of how quickly these crude oil CFDs can move when geopolitical catalysts arrive. Geopolitical developments can contribute to elevated volatility during active news sessions.
CFD markets may experience heightened volatility during periods of geopolitical uncertainty. Don’t miss out on these money management techniques to maximise your gains and minimise your loss.
RISK WARNING: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. You should ensure you fully understand the risks involved and carefully consider whether you can afford to take the high risk of losing your money before trading.
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References
[1] “Oil rises more than $1 as escalation in US-Iran strikes unnerve traders — Reuters/Investing.com” https://www.investing.com/news/commodities-news/oil-rises-2-as-iran-announces-closure-of-strait-of-hormuz-following-us-strikes-4736435 Accessed on 11 June 2026.
[2] “United States Crude Oil Inventories — Investing.com” https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75 Accessed on 11 June 2026.
[3] “OPEC+ agrees fourth oil output quota hike since Strait of Hormuz closure — CNBC” https://www.cnbc.com/2026/06/07/opec-set-for-fourth-oil-quota-hike-since-strait-of-hormuz-closure.html Accessed on 11 June 2026.
[4] “Short-Term Energy Outlook: Global oil markets — US EIA” https://www.eia.gov/outlooks/steo/report/global_oil.php Accessed on 11 June 2026.
