NASDAQ:PBLS 10 June 2026

June 10, 2026, 5:47 PM EDT. Crude oil prices climbed sharply as President Trump vowed further military strikes on Iran following a series of exchanges in the Strait of Hormuz. July WTI crude rose 2.07%, while gasoline futures gained 2.94%, driven by geopolitical risks that threaten to disrupt supply. The US conducted airstrikes on Iranian defenses after Iran targeted US military bases, escalating tensions. Despite a brief pullback on reassurance over commercial ship passages through the vital shipping lane, prices stayed elevated. Meanwhile, global oil demand worries persist with China's crude imports hitting an eight-year low. The US Department of Energy raised its 2026 domestic production forecast, adding downward pressure. Support for prices also comes from Ukrainian drone attacks on Russian oil infrastructure, coupled with Western sanctions constraining Russian exports. The International Energy Agency noted ongoing global inventory declines.