Oil climbs amid renewed Middle East conflict

July 09, 2026 (MLN): Oil prices climbed on Thursday after renewed U.S. military action against Iran intensified concerns over potential disruptions to energy supplies in the Middle East.

Currently, Brent crude futures is up, 3.07%, at $78.85 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.63, or 2.24%, to $74.29 per barrel by [09:54 am] PST.

The move came after the U.S. Central Command confirmed it had carried out fresh strikes on Iranian targets in response to attacks by Tehran on commercial vessels operating in and around the Strait of Hormuz.

Meanwhile, U.S. President Donald Trump indicated that prospects for renewed negotiations with Iran had diminished. Earlier, he declared that the ceasefire between the United States and Iran had ended following a new round of hostilities in the region.

Market participants are once again assessing the risk that escalating tensions could disrupt shipping through the Strait of Hormuz, a key transit route for global oil exports, according to CNBC.

Analysts at Saxo noted that any further attacks on maritime traffic or deterioration in U.S.-Iran relations could delay the normalization of trade flows through the strategic waterway.

The Strait of Hormuz remains one of the world's most critical energy chokepoints, and even temporary interruptions to shipping could significantly affect crude oil prices, freight rates, and overall market sentiment.

Copyright Mettis Link News