International Crude Oil Daily Report (June 9, 2026, Beijing Time Noon)

Release time：2026-06-09 Publisher：GINZO

1. Current Crude Oil Prices

WTI July Crude (US benchmark):

$91.30 per barrel

Intraday high hit $95.47 (up 5.5%). Prices retreated towards the close, ending 0.8% higher.
Brent August Crude (global benchmark):

$94.25 per barrel

The price surged to around $98 during the session before paring gains late in the day, closing up roughly 1.3%.
SC (Shanghai Crude Oil): Tracking overseas markets, it rallied then pulled back. The main contract traded within the range of 640 – 650 yuan per barrel.

Summary: Prices spiked and then eased, trading at elevated levels. Geopolitical risk premiums remain in the market.

2. Core Events: Direct Israel-Iran Clash Followed by Rapid De-escalation (June 8 – 9)

June 8: Escalation of conflicts and mutual missile strikes

Israel launched airstrikes targeting petrochemical and ballistic missile facilities in southwestern Iran, aiming to cripple Iran’s military capabilities.

Iran’s Islamic Revolutionary Guard Corps conducted multiple missile attacks on Haifa and surrounding strategic sites in Israel.

Israel stated most incoming missiles were intercepted with no major casualties. Iran announced its retaliatory operations had concluded and would not continue attacks.

June 9: Both sides signal de-escalation; Trump steps in publicly

Israeli Prime Minister Netanyahu stated Israel would not take the initiative to attack Iran, but vowed to launch a strong counterattack immediately if Iran strikes again.

Iranian authorities held a similar stance, confirming the end of this round of retaliation. They warned that attacks on Israel would resume if Israel continues its operations against Lebanon’s Hezbollah.

Trump called for a ceasefire and peace talks between the two nations. He claimed a comprehensive victory over Iran would be achieved within two weeks, which would trigger a sharp drop in crude oil prices.

Market impact: A one-day rally driven by geopolitical premiums

At market open, Brent crude jumped to $98 and WTI crude neared $95.

In the afternoon, easing tensions between the two sides along with Trump’s remarks led to a sharp pullback in gains, with benchmarks finishing modestly higher.

Market sentiment: Investors fear an all-out war, yet have grown accustomed to the new normal of limited conflicts and disrupted shipping routes.

3. Key Factor: Strait of Hormuz — The Global Crude Oil Chokepoint

Strategic importance

Approximately 30% of globally seaborne crude oil and 20% of liquefied natural gas pass through this strait.

Gulf countries including Saudi Arabia, the United Arab Emirates, Kuwait, Iran and Iraq rely heavily on the strait for the majority of their oil exports.

Current situation: Severe shipping disruptions and heightened risks (near partial blockade)

Iran controls the northern part of the strait and has repeatedly warned of potential full closure.

The United States maintains maritime blockades, with intensified naval patrols and inspections on oil tankers.

Tankers are forced to take detours, leading to delivery delays and soaring insurance costs. Shipping costs have increased by $3 – $6 per barrel.

The International Energy Agency (IEA) warned that if normal navigation cannot be restored by the end of June, the risk of global crude oil shortages will rise this summer.

Iran’s latest demands (June 9)

Iran’s Ambassador to Moscow put forward terms for reopening the strait:

Joint management of the strait by Iran and Oman
Collection of transit fees from passing tankers
Lifting of some U.S. sanctions and unfreezing of frozen assets

The United States responded that blockades and asset freezes will remain in place until a deal is reached.

4. OPEC+: Four Consecutive Months of Output Hikes with Limited Practical Effect

Official production decision (June 7, for July output)

All members agreed to raise daily production by 188,000 barrels in July, keeping the increase unchanged from June.

Production quota increases for major producers:

Saudi Arabia: +62,000 barrels per day
Russia: +62,000 barrels per day
The remaining output increase is shared by the UAE, Iraq, Kuwait and other member states.

OPEC+ has boosted production for four straight months, aiming to balance the market and curb excessive oil price hikes.

Reality: Production increases offset by Middle East tensions

OPEC+ produced 33.19 million barrels per day in April, a month-on-month drop of 1.74 million barrels, mainly due to involuntary production cuts amid regional turmoil.

Saudi Arabia’s crude output has fallen to the lowest level since 1990, with several oilfields shut down over security concerns.

Conclusion: Despite nominal production growth, overall supply remains tight. Output increases make little difference as long as shipping via the Strait of Hormuz is disrupted.

5. Inventories & Demand: Peak Season plus Low Inventories, Bullish Fundamentals

U.S. Crude Oil Inventories (Latest EIA Data)

U.S. crude stocks posted an unexpected draw of 7.98 million barrels last week, far exceeding market expectations.

Inventories at Cushing delivery hub have neared minimum operational levels, exacerbating spot supply tightness for WTI crude.

Global crude inventories: Below the 100-day warning line

At the end of May, global crude oil inventories were equivalent to 98 days of consumption, down from 101 days and hitting a multi-year low.

The IEA noted inventories are near bottom levels. Stocks are being depleted rapidly while replenishment lags behind, raising risks of regional supply shortages this summer.

Demand performance: Strong global demand amid summer travel peak

In Europe and the United States, gasoline and diesel demand enters peak season, with refineries operating at high utilization rates.

China’s crude oil imports stay elevated amid economic recovery.

The IEA forecasts global oil demand will rise by 1.8 million barrels per day in 2026, and supply growth will fail to keep pace with demand growth.

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