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2026-07-08T07:06:52.000Z

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Oil prices rise over 3% amid escalating military tensions in the Strait of Hormuz

Oil prices rise over 3% amid escalating military tensions in the Strait of Hormuz

Global oil prices surged by over 3% on Wednesday, July 8, 2026, amid escalating tensions in the Strait of Hormuz and intensifying military confrontations between Iran and the United States. Brent crude futures for September delivery reached $76.63 per barrel, while West Texas Intermediate futures for August delivery rose to $72.79. This followed Iran's announcement of attacks on American bases in Kuwait and Bahrain in retaliation for U.S. airstrikes inside Iran, leading to increased anxiety in the global oil markets.

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