July 9, 2026, 10:01 amJuly 9, 2026, 10:01 am
Oil prices have continued to rise following the recent escalation in the Persian Gulf with new attacks. However, the increases were limited; oil prices recorded the biggest jump on Tuesday and Wednesday, when tensions between the USA and Iran flared up again.
A barrel (159 liters) of the reference Brent variety for delivery in August recently rose by 1.06 percent to $78.85 in early trading.
The US bombed targets in the Islamic Republic for the second night in a row in the dispute with Iran over the Strait of Hormuz. In response, Iran’s Revolutionary Guards said they again attacked US bases in the two Gulf states of Kuwait and Bahrain, which are allies of Washington.
US President Donald Trump threatened Iran with even more violent attacks. The US attacks were retaliation for ships attacked by Iran, he wrote on the Truth Social platform.
Strait of Hormuz at the center of tensions
The renewed escalation in the Middle East conflict spooked the global energy market this week. At the center of the tension is the Strait of Hormuz, which connects oil and gas producers in the Persian Gulf with global markets.
The US launched attacks after several merchant ships were attacked. If the strait were to be completely closed again, the price of oil could rise by another ten US dollars, estimated analyst Scott Shelton from brokerage firm TP ICAP.
The Strait of Hormuz has never really been opened to normal, said Henry Hoffman, co-portfolio manager of the Catalyst Energy Infrastructure Fund, to the Bloomberg news agency. There is now a threat of further production cuts, and a major escalation could cause significantly greater damage to the regional energy infrastructure, the consequences of which extend far beyond an initial price jump. (dab/sda/awp/dpa)