US Weekly Oil Data (and a comment on possible attack on targets in Iran/Iraq)

US Inventories, Exports, Imports, and Refinery Utilization (12 Charts).

June 11, 2025

Attack on Iran/Iraq?

Brent oil prices rose above $70/b and WTI was around $69/b on Thursday morning in Asia after the US evacuated personnel from Iraq, Kuwait, and Bahrain amid rising tensions with Iran. The UK government's maritime trade operations division warned mariners of "increased tensions" that could escalate military activity.

"Vessels should transit the Arabian Gulf, Gulf of Oman, and Straits of Hormuz cautiously and report incidents or suspicious activity," the statement said.

Our view: An attack on Iran’s nuclear facilities would likely have a limited impact on the oil market, mainly affecting sentiment and raising fears of Iranian retaliation. The primary concern is the response from Iranian sympathizers in Iraq and Yemen, as seen in September 2019. To be clear, this is not about war but an attack and possible response. Attacking Iran’s allies in Iraq is also possible. Prices will rise further if targets in Iran or Iraq are attacked.

EOA’s Main Takeaway