- July 9, 2026
Oil Prices Surge As US-Iran Conflict Escalates, Hormuz Traffic At Risk
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Both Brent and WTI had already surged by more than $1 in after-hours trading on Wednesday after the US military launched another round of strikes on Iran.
The US military confirmed that it had launched new strikes aimed at keeping the Strait of Hormuz open for maritime traffic. (Representative/ AI Generated)
Oil prices climbed on Thursday after the United States carried out fresh strikes on Iran, reducing expectations of an early end to the conflict and delaying hopes for the full reopening of the Strait of Hormuz, a key route that handled nearly one-fifth of global oil supplies before the war.
Brent crude futures gained 78 cents, or 1 per cent, to trade at $78.80 a barrel by 0054 GMT. US West Texas Intermediate (WTI) crude futures also rose 74 cents, or 1.01 per cent, to $74.26 a barrel.
Both Brent and WTI had already surged by more than $1 in after-hours trading on Wednesday after the US military launched another round of strikes on Iran.
Earlier in the session, the two benchmarks had settled at their highest levels in more than two weeks after US President Donald Trump warned that fresh military action against Iran could begin as early as Wednesday night.
The US military later confirmed that it had launched new strikes aimed at keeping the Strait of Hormuz open for maritime traffic. The operation came hours after Trump declared that an interim agreement to end the conflict was “over”.
According to IG analyst Tony Sycamore, the recent surge in oil shipments through the strait has now eased, with shipping companies expected to adopt a more cautious approach.
The United States said the latest military action was carried out in response to Tuesday’s attack on three tankers passing through the Strait of Hormuz. The strikes reportedly shook several cities along Iran’s southern coastline and caused power outages in some areas.
‘American Threats Won’t Work’
Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf has issued a fresh warning to the United States following its recent strikes, saying the Strait of Hormuz would reopen only under “Iranian arrangements” and not because of “American threats.”
His remarks came amid rising tensions between Tehran and Washington, with Ghalibaf rejecting US pressure over the strategic waterway and asserting that decisions on its reopening would be made solely by Iran.
Earlier, Iran, said on Wednesday that it had targeted US military sites in Bahrain and Kuwait in retaliation for earlier American strikes on its infrastructure.
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