Oil Prices Jump Amid Tensions Following Tanker Attacks and U.S. Strikes on Iran

Oil prices saw a significant jump at the start of trading on July 8, 2026, as Brent crude for August delivery climbed 2.6% to $76.09 per barrel. This rise builds on a previous 3% increase seen on Tuesday, which was triggered by attacks on oil tankers in the Strait of Hormuz.

The geopolitical tensions have escalated after the U.S. conducted airstrikes against targets in Iran overnight, in retaliation for the tanker attacks. Washington also reimposed sanctions on Iranian oil, a move that Tehran condemned as a serious violation of agreements. Iran's deputy foreign minister, Kazem Gharibabadi, stated on platform 'X' that Iran would take "resolute measures to ensure its national interests and security."

Currently, the price of Brent crude, hovering slightly above $76, is approximately 8.5% higher than its lowest point last week. Earlier in July, the price had fallen to $70 per barrel, the lowest since the conflict with Iran began in late February. The market had initially reacted to the start of the U.S. and Israel's war against the Islamic Republic by sending oil prices soaring, with Brent crude at one point exceeding $126 per barrel. However, recent events are dampening hopes for a swift end to the conflict, leading to renewed price volatility.

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(Iran will take – ELTA) resolute measures to ensure its national interests and security.