Global oil prices spiked over 5% after US military strikes on Iran, intensifying West Asia tensions and threatening the security of the vital Strait of Hormuz shipping route.
Brent crude has risen to $75.94 per barrel
Jul 08, 2026
10:45 am
What's the storyGlobal oil prices have witnessed a sharp spike, with Brent crude rising by 5.49% to $75.94 per barrel and US West Texas Intermediate (WTI) crude increasing by 2.84% to $72.44 per barrel in early trade today.
The surge follows a series of US military strikes against Iran and fears over the security of shipping through the Strait of Hormuz, a major energy chokepoint.
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Global oil prices spike following renewed tension in Strait of Hormuz
