Oil rises above $76 a barrel after US strikes on Iran

July 08, 2026 (MLN): Oil prices advanced on Wednesday after the United States launched fresh military strikes on Iran following attacks on commercial vessels passing through the Strait of Hormuz.

Currently, Brent crude futures is up, 4.67%, at $76.21 per barrel, according to data by Mettis Global. 

West Texas Intermediate (WTI) crude futures is up by $3.06, or 4.41%, to $72.37 per barrel by [09:28 am] PST.

The U.S. military said it had initiated a series of strikes in response to Iran targeting three commercial ships transiting the strategic waterway on Tuesday, according to CNBC.

According to the U.S. Central Command, Tehran's actions violated the ceasefire and posed a serious threat to maritime security.

The latest escalation has raised concerns over the durability of the ceasefire reached last month, which had allowed commercial shipping to resume through the Strait of Hormuz after months of disruption.

Adding to pressure on Tehran, the U.S. Treasury Department on Tuesday revoked a waiver that had permitted Iran to continue selling its oil.

A U.S. official, speaking on condition of anonymity, said Iran would only benefit from improved relations if it changed its conduct, describing the attacks on commercial shipping as unacceptable and warning of consequences.

The U.S.-led Joint Maritime Information Center reported that three commercial vessels were attacked in or near the Strait of Hormuz on Tuesday. It raised the threat level for ships using the waterway to "severe," citing a high risk of further hostile activity.

Andrew Jackson, a strategist at Ortus Advisors, said Iran may have little incentive to seek an agreement at this stage, arguing that its leverage over the Trump administration could increase as the U.S. midterm elections approach in November.

He also noted that the attacks coincided with ongoing state funeral ceremonies for Ali Khamenei.

Market participants are also watching the broader economic implications of the renewed tensions.

Jackson said higher oil prices and rising Treasury yields could reinforce inflationary pressures, increasing the likelihood that the U.S. Federal Reserve maintains a more hawkish policy stance.

The yield on the benchmark 10-year U.S. Treasury note rose 2 basis points to 4.549%.

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