Brent Jumps as US-Iran Tensions Escalate

2026-07-08 13:47 By Agna Gabriel 1 min. read

Brent crude oil prices surged as much as 7% at $80 a barrel on Wednesday as escalating tensions in the Middle East fueled concerns over further supply disruptions.

President Trump said that as far as he is concerned, the ceasefire is over and threatened additional strikes on Iran and a new blockade.

Yesterday, the US revoked a waiver that had allowed Iran to sell crude, following attacks on vessels transiting Hormuz.

The actions followed a series of recent attacks on vessels transiting the Strait of Hormuz.

Tehran also said it had targeted 85 US military sites in Bahrain and Kuwait in response to what it described as US violations of the ceasefire.

The renewed conflict raised the prospect of fresh disruptions to global energy supplies by deterring shipowners and regional producers from using the vital waterway.

The escalation marks a sharp reversal from earlier expectations of a supply glut, after OPEC+ increased production quotas and Middle Eastern producers moved to ramp up output.



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