{"id":11133,"date":"2026-07-08T06:38:47","date_gmt":"2026-07-08T06:38:47","guid":{"rendered":"https:\/\/www.fintechpulse8.com\/?p=11133"},"modified":"2026-07-08T06:38:47","modified_gmt":"2026-07-08T06:38:47","slug":"oil-climbs-as-us-strikes-targets-in-iran-following-ship-attacks","status":"publish","type":"post","link":"https:\/\/www.fintechpulse8.com\/?p=11133","title":{"rendered":"Oil climbs as US strikes targets in Iran following ship attacks"},"content":{"rendered":"

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Oil jumped as the US struck targets in Iran in retaliation for attacks on shipping in the Strait of Hormuz, ramping up regional tensions.<\/p>\n

Brent rose as much as 3% to top $76 a barrel, while West Texas Intermediate traded above $72. US forces completed strikes on more than 80 targets after the attacks on shipping, Central Command said. Deputy Foreign Minister Kazem Gharibabadi warned Tehran would respond. Axios reported drones had been launched at Bahrain, and Kuwait said it was responding to missile attacks.<\/p>\n

The US Treasury revoked a sanctions waiver that had allowed Tehran to sell oil, reversing course on a key element of the interim peace deal agreed with the Islamic Republic. Three ships were attacked in the waterway, including a gas carrier and a Saudi oil tanker, meaning Tuesday saw the largest volume of incidents since the agreement came into effect last month.<\/p>\n

European natural gas futures also jumped, rising as much as 4.9%.<\/p>\n

Oil\u2019s rebound threatens a new wave of disruption for global energy markets, after futures had plunged in the second quarter as regional tensions cooled. The renewed hostilities in the region stand to complicate the decisions facing shipowners and regional producers over navigating Hormuz, which links Persian Gulf suppliers to global markets.<\/p>\n

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A handful of vessels appeared to transit the chokepoint in the hours after the vessel attacks, according to ship-tracking data. Six laden supertankers were beginning or completing crossings, with most sailing along a US-supported corridor nearer to the Omani coastline.<\/p>\n

Ahead of the latest incidents, banks including Goldman Sachs Group had warned the crude market risked flipping back to a surplus as regional producers rushed to restore crude output and traffic through the strait picked up. In addition, OPEC+ had pressed on with a rollback of supply curbs.<\/p>\n

The flare-up is \u201ca reminder to the market of how fragile passage through the strait still is,\u201d said Saul Kavonic, senior energy analyst at MST Marquee. \u201cThis is contrary to prevailing sentiment that the market could be flooded into oversupply and could scare some of the record short-positioning to cover,\u201d he added, referring to traders potentially closing bets on lower prices.<\/p>\n\n\n\n\n
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  • Brent for September settlement rose 2.6% to $76.09 a barrel at 11:26 a.m in Singapore.<\/li>\n
  • WTI for August delivery gained 2.6% to $72.26 a barrel.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Control of Hormuz is one of the main points of disagreement between Washington and Tehran. On Tuesday, Iran told the United Nations\u2019 shipping agency that it has authority over parts of the waterway, which in peacetime used to handle about a fifth of the daily global trade in oil.<\/p>\n

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    Crude\u2019s gains should be temporary unless there are more attacks, according to Carolyn Kissane, associate dean at New York University\u2019s Center for Global Affairs.<\/p>\n

    The US action \u201csends a signal to Iran that it can\u2019t act with impunity, without risking a return to all-out hostilities,\u201d Kissane said. \u201cThis is the new normal \u2014 a ceasefire that\u2019s not really a ceasefire \u2014 and we\u2019ll see episodes like this periodically. Markets are already getting used to it.\u201d<\/p>\n

    Brent\u2019s prompt spread shifted back into backwardation, a bullish pattern marked by the near-term prices trading above later-dated ones. The gap was 26 cents a barrel on Wednesday, a reversal from the 25 cents in contango, the opposite structure, seen at the start of the week.<\/p>\n

    \u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n

    #Oil #climbs #strikes #targets #Iran #ship #attacks<\/p>\n","protected":false},"excerpt":{"rendered":"

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