8th July 2026
Oil prices jumped sharply this morning following the overnight U.S.–Iran military exchanges, with markets reacting immediately to the attacks on both sides and the renewed threat to shipping in the Strait of Hormuz — the world’s most sensitive oil chokepoint.
The headline numbers (as of early 8 July 2026)
Brent crude: $76.5 per barrel, up 3–6% depending on the contract
At 7.35am Brent Crude is still ticking up at $76.65
WTI crude: $72.7 per barrel, up 2.5–5%
At 7.35amd WTI Up at $72.85
Prices had fallen heavily in June, but the war flare‑up has reversed the slide and pushed oil back to its highest level in two weeks.
Why prices are jumping today
1. Iran attacked multiple commercial vessels last night
Iran struck three ships near the Strait of Hormuz — a Qatari LNG carrier, a Saudi oil tanker, and a Liberian‑flagged vessel.
This immediately raised fears of a renewed blockade of the strait, which handles around 20% of global oil flows.
2. The U.S. responded with major strikes inside Iran
U.S. Central Command confirmed “powerful strikes” on Iranian air‑defence systems, radar sites, anti‑ship missile batteries, and over 60 IRGC small boats.
Footage from Bandar Abbas shows large explosions and thick orange smoke after the attacks.
3. The U.S. revoked Iran’s oil‑sales waiver
Washington cancelled the temporary licence that had allowed Iran to sell crude during peace‑talks. This effectively tightens global supply and adds a fresh geopolitical premium.
4. Fears the ceasefire is collapsing
Analysts warn the interim U.S.–Iran deal is now “at risk of ending” after last night’s events. Markets are pricing in the possibility of:
further Iranian retaliation,
missile strikes on U.S. bases (already reported in Bahrain and Kuwait),
and even a temporary closure of the Strait of Hormuz.
What this means for the oil market today
Oil has “based for now” the decline has stopped
Brent and WTI had fallen back to pre‑war levels in late June, but analysts now say the conflict has put a floor under prices.
Volatility is guaranteed
Experts warn that even threats to close the Strait could cause instant price spikes.
Short sellers are covering
Record short positions are being unwound as traders reassess the risk of supply disruption.
Supply outlook still mixed
Despite the war premium, global supply remains high:
Saudi Arabia and UAE have ramped exports back to near pre‑war levels.
OPEC+ has increased quotas.
Russia is exporting more crude despite refinery damage.
This means prices may not explode unless the Strait is seriously disrupted.
Bottom line for today (8 July 2026)
Oil prices are rising fast — up around 3–6% — because the U.S.–Iran conflict has re‑ignited overnight, with attacks on ships, retaliatory U.S. strikes, and the revocation of Iran’s oil‑sales waiver. The market is now pricing in a real risk to shipping through the Strait of Hormuz.
If Iran moves to restrict the strait even partially prices could jump much higher within hours.