Oil jumps 7% after US-Iran tensions return

Published On 09 Jul, 2026
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Brent crude futures gained $5.93, or 8%, to $80.09 a barrel, the highest since June 22. U.S. West Texas Intermediate crude futures rose by $5.25, or 7.5%, to $75.69 a barrel, also the ​highest in over two weeks.

Trump said on Wednesday that the memorandum of understanding signed with Iran to end the ​war was “over,” and threatened fresh strikes against Iranian targets as soon as Wednesday.

The flare-up in ⁠hostilities has revived concerns about tanker traffic through the Strait of Hormuz, especially as some vessels were hit around the ​waterway earlier in the week. A fifth of global oil supply passed through the Strait before the Iran war broke ​out, and its blockade in the ensuing conflict pushed oil prices north of $100 at the peak of the disruptions.

“Fundamentally, oil should trade higher,” SEB Research’s Ole Hvalbye said.

Trump on Wednesday also rehashed threats that U.S. forces could seize Iran’s Kharg Island, from which 90% of Iran’s ​crude oil exports are loaded.

Still, Trump has not explicitly said that the United States would return to full-fledged war. Trump ​also said he would let negotiators keep talking “if they want,” even though he finds it a “waste of time” to deal with Iran.

“Fundamentally, ‌the events ⁠of the last few days significantly weaken any confidence that the current 60-day truce can still evolve into a permanent peace agreement,” said Jorge Leon, head of geopolitical analysis at Rystad.