Crude oil futures traded higher on Wednesday morning after the US military conducted fresh attacks on Iran and the revocation of a US waiver that had allowed Iran to sell crude oil in global markets.At 9.15 am on Wednesday, September Brent oil futures were at $76.09, up by 2.60 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $72.29, up by 2.63 per cent. July crude oil futures were trading at ₹6886 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6705, up by 2.70 per cent, and August futures were trading at ₹6893 against the previous close of ₹6724, up by 2.51 per cent.A statement by the US Central Command said that its forces completed a new round of offensive strikes against Iran on July 7, hitting over 80 targets with precision munitions as an immediate response to Iran’s latest attacks on commercial vessels transiting the Strait of Hormuz.US forces struck Iranian air defence systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to degrade Iran’s ability to continue attacking international commerce flowing through the international trade corridor.It said that Iran recently attacked three commercial vessels transiting the strait, including Marshall Islands-flagged MT Al Rekayyat, Saudi Arabia-flagged MT Wedyan, and Liberian-flagged MT Cyprus Prosperity. The unwarranted aggression by Iranian forces is a clear and dangerous violation of the ceasefire and undermines freedom of navigation, it said.In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices spiked following Iranian attacks on three ships in the Strait of Hormuz, including an LNG carrier and an oil tanker. ICE Brent settled a little more than 3 per cent higher Tuesday, and in early Wednesday trading it’s up another 2.8 per cent, leaving it trading above $76 a barrel.The Iranian attacks saw the US respond in a firm manner, with renewed strikes. There are reports of explosions near the strait. In addition to military strikes, the US revoked a temporary licence that it had previously issued to allow for the sale of Iranian oil, they said, adding, while the revocation doesn’t fundamentally change oil market dynamics, it is important from a sentiment perspective. It heightens the risk of a breakdown in the temporary deal between the US and Iran, they added.Published on July 8, 2026