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US Strikes Against Iran and Impact on Oil Markets

Wednesday, July 8, 2026
5 min read
US Strikes Against Iran and Impact on Oil Markets

Oil prices jumped again this week after the United States kicked off another series of strikes against Iran on Tuesday. This happened right after there were attacks on shipping in that crucial Strait of Hormuz .

The military unleashed what they called “powerful strikes,” hitting eighty targets across Iran. It immediately pushed crude oil markets higher. Brent crude, for instance, ticked up 2.8 per cent to hit seventy-six dollars a barrel. West Texas Intermediate was trading above seventy-two too.

European natural gas futures reacted just as sharply, surging by nearly five per cent in the fallout from the situation. It’s a messy reaction, really.

US Central Command CENTCOM put out a statement on X saying these actions were an “immediate response” to Tehran’s attacks on commercial vessels moving through the strait. They claimed they hit air defense systems, command networks, coastal radar sites, and even over sixty Islamic Revolutionary Guard Corps small boats near the waterway. It was designed to degrade Iran’s ability to keep attacking international commerce flowing.

Iranian media reported hearing explosions in several places. Sirik saw seven blasts, while six projectiles reportedly hit the Taheroui Pier area. There were also reports of sounds on Qeshm Island and in Bandar Abbas port down south.

The latest wave was heavy. It marked the most assaults in a single day since that ceasefire aGreement was made back in April. The International Maritime Organisation noted this.

Meanwhile, things were moving on the political side too. Reports surfaced that Iran’s President Masoud Pezeshkian reportedly left Iraq and headed toward Tehran right after these US strikes hit tankers attempting to pass through Hormuz on Tuesday.

The British military commented that those three tankers definitely took hits in that key waterway. This fresh assault just makes hopes for restoring maritime traffic through the strait feel much dimmer, especially when everyone is dealing with the economic pressure from the wider West Asia conflict.

Hours after these attacks, the US pulled back a sixty-day sanctions waiver it had given Iran concerning oil sales. That was a big part of the preliminary peace deal they were trying to work out with Tehran.

Some US officials, speaking about the situation in that strategic waterway, found Iran’s actions unacceptable and demanded consequences. The Associated Press picked up on that sentiment.

Iran has repeatedly insisted that vessels using their approved route through the strait are safe. They also hinted that Iran might have been involved in previous attacks against ships trying to use alternate routes near the Omani coast. It's all very tangled, isn’t it?

Written by Gree News Team — Senior Editorial Board

Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.

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