US begins wave of airstrikes on Iran, pressuring oil prices upward as IRGC says Hormuz closed

The US military conducted a second wave of airstrikes against Iran on June 10, 2026, targeting multiple sites across the country, including the Qeshm and Kish Islands near the Strait of Hormuz, as well as the southern cities of Bandar Abbas, Minab, and Sirik. The strikes followed President Donald Trump’s threats earlier in the day, stating the US would ‘hit them hard again’ after an initial round of attacks on June 9, attributed to Iran’s downing of a US Army helicopter in Omani waters. Iran’s Revolutionary Guard Corps responded by closing the Strait of Hormuz, a critical global oil transit route, and reported striking two ships attempting to leave the Persian Gulf. Iranian media cited explosions near the targeted locations, while Tehran’s top military command warned of retaliation against US-affiliated sites in the Gulf region. Parliamentary speaker Mohammad Bagher Ghalibaf emphasized Iran’s readiness to escalate beyond diplomacy, stating, ‘Break your commitments, and we’ll switch to what we speak best.’ The escalation began on June 9 after Israel struck Iran-backed Hezbollah forces in Lebanon, reigniting tensions that had eased following a ceasefire agreement in early April. Neighboring countries Jordan, Bahrain, and Kuwait confirmed attacks within their borders following the initial US strikes, further destabilizing fragile peace negotiations between Washington and Tehran. Oil prices surged as a result, with Brent crude futures rising 3.4% to $96 per barrel and US WTI crude climbing 3.8% to $93 per barrel. Global stock markets, including the S&P 500, Dow Jones, and Nasdaq, also fell in response to the escalating conflict. The US Central Command confirmed the strikes began at 5:15 p.m. ET on June 10, targeting ‘multiple locations in Iran’ as part of self-defense operations.