Oil prices are climbing sharply, reigniting concerns about a new round of fuel price hikes amid escalating tensions in the Middle East. On Thursday, July 9, 2026, Brent crude surged to $79 per barrel—nearing the $80 mark—posting nearly 10% weekly gains. The rally followed confirmation from the U.S. military that it had carried out airstrikes on Iranian targets for the second consecutive day, intensifying regional hostilities and raising alarms over energy supply stability from the Middle East.
WTI Also Rises Amid Escalation
West Texas Intermediate (WTI) crude also climbed, trading above $74 per barrel—a roughly 1% increase—as market participants reacted to the deteriorating security situation. The U.S. stated the strikes were aimed at degrading Iran’s ability to threaten navigation through the Strait of Hormuz, a critical global oil chokepoint. In response, Tehran pledged large-scale retaliatory operations against American military bases across the region.
Trump Signals Full Breakdown of Diplomatic Truce
Former U.S. President Donald Trump declared the ceasefire effectively over and warned of further military action against Iran—including a potential new naval blockade. He also cautioned that oil prices could rise further, noting that future strikes might target Iran’s key oil export terminal on Kharg Island.
The renewed hostilities have heightened fears that the collapse of the interim U.S.-Iran diplomatic agreement could once again disrupt global oil supplies. With the Strait of Hormuz remaining at the center of the confrontation, markets remain on high alert for further volatility.