Oil prices rose sharply on Wednesday, July 8, 2026, posting weekly gains of more than 6%. The rally followed new U.S. airstrikes on Iran and the reversal of a decision that had allowed Iran to sell crude oil on global markets.
These actions came in response to a recent series of attacks on vessels transiting the Strait of Hormuz—including a Qatari LNG carrier and a Saudi oil tanker—further fueling upward pressure on oil prices.
Futures contracts for Brent crude strengthened again, trading above $76 per barrel, while West Texas Intermediate (WTI) crude edged above $72. Intraday gains exceeded 2.5%.
The renewed escalation has cast doubt on the fragile interim diplomatic agreement between the U.S. and Iran and heightened concerns over potential disruptions to global energy supply. Shipping companies and regional producers are increasingly avoiding the strategically vital Strait of Hormuz—a key maritime corridor for global oil trade.
This sharp turn in geopolitical dynamics marks a dramatic reversal from earlier expectations of oversupply, which had followed OPEC+’s decision to raise production quotas and efforts by Middle Eastern producers to boost output.