Options traders Serge Marinovich, left, and Phil Phil Fracassini work on the floor of the New York Stock Exchange, Friday, Jun 26, 2026. (Photo: AP/Richard Drew)
09 Jul 2026 01:29AM
LONDON: Oil prices briefly soared back above US$80 per barrel while stock markets slid Wednesday (Jul 8) after US President Donald Trump said the ceasefire with Iran was over, following renewed strikes in the Middle East.The latest bout of fighting was sparked by Iranian attacks on ships in the vital Strait of Hormuz shipping route, through which a fifth of the world's oil transited before the war. Trump said at a NATO summit in Türkiye the ceasefire was "over", although he left the door open to more talks.The markets responded, with oil shooting back up again having in recent days come back down towards pre-war levelsInternational benchmark Brent North Sea crude jumped 8 per cent to US$80.12 per barrel around 3:20pm GMT, (11:20pm, Singapore time) before giving up some of those gains.Meanwhile, the benchmark US oil contract, WTI for August delivery, gained 7.7 per cent to US$75.83 per barrel.The potential reclosure of the Strait of Hormuz led to a sea of red on equity trading screens in markets across the world."The looming resumption of war between the US and Iran, or at least a fresh blockade of the latter, has driven a wave of selling in European markets that are heavily exposed to higher energy costs," said Chris Beauchamp, chief market analyst at online trading and investing platform IG.
