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Oil prices surge as US strikes Iran, reversing slide to pre-war levels

اقتصاد
Al Jazeera English
2026/07/08 - 04:02 502 مشاهدة
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xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoTankers and cargo vessels are seen in the Gulf of Oman, along shipping routes linking the Strait of Hormuz and the Arabian Sea, on June 16, 20...

Brent crude, the main international benchmark, rose as much as 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels.

هذا الخبر من Al Jazeera English. خبر يقدم أدوات ذكاء اصطناعي للتلخيص والترجمة والاستماع.

play Live Sign upShow navigation menuNavigation menuNewsShow more news sectionsAfricaAsiaUS & CanadaLatin AmericaEuropeAsia PacificWorld CupMiddle EastExplainedOpinionVideoMoreShow more sectionsFeaturesEconomySportHuman RightsClimate CrisisInvestigationsInteractivesIn PicturesScience & TechnologyPodcastsTravelSponsored Contentplay Live Click here to searchsearchSign upNavigation menucaret-leftUS-Israel war on IranLive updatesIran’s Khamenei funeralCould Israel sabotage the deal?Bodies of Evidencecaret-rightNews|Oil and GasOil prices surge as US strikes Iran, reversing slide to pre-war levelsBrent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz. xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoTankers and cargo vessels are seen in the Gulf of Oman, along shipping routes linking the Strait of Hormuz and the Arabian Sea, on June 16, 2026 [AP]By Erin Hale and John PowerPublished On 8 Jul 20268 Jul 2026Oil prices have surged as renewed hostilities between the United States and Iran threaten to derail a fragile ceasefire that had brought some relief to global energy markets. Brent crude, the main international benchmark, rose as much as 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels. Brent futures for September stood at $76.07 a barrel as of 04:00 GMT, the highest since June 23. The jump came after the US launched strikes on Iran and revoked a temporary waiver of sanctions on Iranian oil, following attacks on three commercial vessels in the Strait of Hormuz. US, Qatari and Saudi officials blamed Iran for the attacks on the vessels. US Central Command said on X that it had begun “launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”. Tehran has not directly claimed responsibility for the attacks, but has repeatedly warned vessels against attempting to transit the waterway on routes it has not approved. Iranian Deputy Foreign Minister Kazem Gharibabadi said earlier that Tehran would take “decisive actions to safeguard its national interests and security” in response to the revocation of the sanctions waiver, describing the move as a “blatant violation” of the memorandum of understanding (MoU) signed by Washington and Tehran on June 17. Tony Sycamore, a senior market analyst at IG Australia, said the MoU’s language was deliberately vague regarding control of the strait and traffic management. Disagreement between the US and Iran over whether the strait is an international waterway or partly Iran’s territorial waters was never fully resolved, Sycamore said. “It remains to be seen whether this morning’s US strikes bring a swift end to the latest escalation or Iran elects to continue flexing its leverage over the Strait with actions that fall short of triggering a broader conflict,” Sycamore said in a note to clients on Wednesday. “At the very least, it will keep markets on edge and does suggest crude oil prices have based for now.” The US strikes followed a separate move by the US Treasury Department late on Tuesday to revoke its 60-day waiver on sanctions on Iranian oil. The Treasury Department last month authorised the sale of Iranian oil until August 21 as part of broader negotiations with Tehran, but transactions will now no longer be allowed after 12:01am EDT (04:01 GMT) on July 17, according to a statement on the department’s website. The new order also rescinds authorisation for any new transactions, including purchases or loading, after Tuesday. Saul Kavonic, head of energy research at MST Marquee, said he expects oil prices to remain elevated as hazardous conditions persist in the strait and the release of emergency oil stockpiles wind down. “Iran fully intends to cement its control over the Strait of Hormuz in the coming weeks, which is unacceptable to the US, many Gulf states and global customers, and could result in passage through the strait remaining below 50 percent of pre-war levels for many months with periodic flare-ups in hostilities,” Kavonic told Al Jazeera. Advertisement AboutAboutShow moreAbout UsCode of EthicsTerms and ConditionsEU/EEA Regulatory NoticePrivacy PolicyCookie PolicyCookie PreferencesAccessibility StatementSitemapWork for usConnectConnectShow moreContact UsUser Accounts HelpAdvertise with usStay ConnectedNewslettersChannel FinderTV SchedulePodcastsSubmit a TipPaid Partner ContentOur ChannelsOur ChannelsShow moreAl Jazeera ArabicAl Jazeera EnglishAl Jazeera Investigative UnitAl Jazeera MubasherAl Jazeera DocumentaryAl Jazeera BalkansAJ+Our NetworkOur NetworkShow moreAl Jazeera Centre for StudiesAl Jazeera Media InstituteLearn ArabicAl Jazeera Centre for Public Liberties & Human RightsAl Jazeera ForumAl Jazeera Hotel PartnersFollow Al Jazeera English:
المصدر: Al Jazeera English | Source: Al Jazeera English

ملاحظة تحريرية | Editorial Note: نُشر هذا المقال في الأصل بواسطة Al Jazeera English. خبر (Khabr) هي منصة إعلامية أردنية مرخّصة تعمل بالذكاء الاصطناعي. نضيف قيمة تحريرية من خلال: تحليل ذكي للأخبار، ملخصات تلقائية، رواية صوتية بالذكاء الاصطناعي، ترجمة متعددة اللغات، وتدقيق الحقائق. هدفنا جعل الأخبار أكثر وضوحاً وسهولةً للقارئ العربي.

This article was originally published by Al Jazeera English. Khabr is a licensed Jordanian AI-powered news platform (Registration #82086). We add editorial value through: AI-powered news analysis, automated summaries, AI audio narration, multi-language translation (Arabic, English, French, Turkish), and AI fact-checking. Our mission is to make news more accessible and understandable for Arabic-speaking audiences worldwide.

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المزيد عن اقتصاد | More on Economy

هذا الخبر ضمن تغطية خبر لقسم اقتصاد. نقدّم لك تحليلات ذكية وملخصات يومية لأهم الأخبار من مصادر موثوقة متعددة. المصدر: Al Jazeera English. يوجد 6 مقالات مرتبطة بهذا الموضوع.

This article is part of Khabr's coverage of Economy. We provide AI-powered analysis, summaries, and multi-source aggregation to keep you informed. Source: Al Jazeera English. Tags: oil prices, Iran, US strikes.

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