The tension between the United States and Iraq has increased supply concerns

On June 21, Beijing time, the deterioration of tensions between the United States and Iran aggravated the market's worries about the supply of crude oil in the Hormuz Strait, which boosted crude oil prices and the New York crude oil closed up sharply.

After Iran shot down the U.S. drone, US President Trump said on Twitter: "Iran made a big mistake!"

CMC Markets market analyst David Madden said: "Trump's speech has pushed up crude oil prices because the market is worried that Washington may take a tough stance against Iran and eventually lead to a hindrance to the supply of crude oil through the Strait of Hormuz."

West Texas Intermediate (WTI) futures for July delivery on the New York Mercantile Exchange rose $2.89, or 5.4%, to close at $56.65 a barrel. According to the Dow Jones market data agency, this is the highest closing price of the US spot WTI futures since the end of May. WTI futures also recorded the largest single-day rise in the dollar and percentage increase since December.