Oil Prices Extend Gains on U.S. Strikes
At 21:47 ET (01:47 GMT) on 9 July 2026, Crude Oil WTI futures rose 1.12 % to $74.34 a barrel, while Brent Oil futures increased 1.12 % to $78.89 a barrel. The price advance followed fresh U.S. strikes on Iranian targets after President Donald Trump declared the U.S.–Iran ceasefire effectively over, ordered the new strikes and warned of further military action, prompting Tehran to threaten closure of the Strait of Hormuz.
The latest escalation follows a series of attacks on commercial shipping near the Strait of Hormuz: a Qatari LNG tanker, a Saudi crude tanker and at least one other commercial vessel were struck in separate incidents over the past two days, and another tanker was hit by an unidentified projectile off Oman, sparking a fire but causing no casualties. In response, several oil‑and‑gas tankers delayed or reversed planned transits through the waterway as operators reassessed security risks.
The U.S.-led Joint Maritime Information Center subsequently raised the threat level for shipping in the Strait of Hormuz to "severe," and the International Maritime Organization urged vessels to exercise extreme caution when transiting the route. Washington said the fresh strikes were aimed at degrading Tehran’s ability to threaten commercial shipping; Iran warned it would retaliate against U.S. military assets and reiterated its threats over navigation through the Strait.
Analysts note that the renewed conflict casts fresh doubt on the recent recovery in Gulf oil exports. Tanker traffic through Hormuz had been gradually improving after last month’s ceasefire, but traders now fear further attacks could stall that recovery and again threaten crude flows from the Persian Gulf.
ANZ highlighted that the developments have revived concerns that a collapse of the interim U.S.–Iran agreement could again disrupt Persian Gulf oil supplies. The bank also pointed to growing tightness in refined‑fuel markets after Russia extended restrictions on diesel exports through July, and cited U.S. government data showing another sizeable draw in distillate and gasoline inventories alongside record fuel exports. Although commercial crude stockpiles increased last week, the release of additional barrels from the Strategic Petroleum Reserve and tightening fuel inventories underscored continued strength in downstream demand.
Markets are now watching for further developments in the U.S.–Iran conflict, shipping conditions through the Strait of Hormuz, and any signs of additional disruptions to Middle‑East crude exports.