Oil Prices Fluctuate Amid Escalating US-Iran Tensions
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Oil Prices Fluctuate Amid Escalating US-Iran Tensions
- Oil prices experienced volatility this week, with Brent crude futures settling near $76 a barrel and West Texas Intermediate (WTI) near $72 a barrel on Thursday, July 9, 2026.
- This fluctuation follows renewed military exchanges between the United States and Iran, which included US forces striking approximately 90 targets in Iran and Iran retaliating with drone and missile attacks on US bases in the region on July 8 and 9, 2026.
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Oil prices have seen a volatile week as geopolitical tensions between the United States and Iran escalated, impacting global energy markets. On Thursday, July 9, 2026, Brent crude futures were trading near $76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were near $72 a barrel. This comes after a period where Brent prices had fallen to around $77.91 per barrel on Thursday, July 9, 2026, and WTI to $73.14 per barrel.
The renewed hostilities began after Iran reportedly attacked commercial vessels in the Strait of Hormuz. In response, U.S. forces launched strikes on Iranian targets on July 7, 2026, hitting over 80 sites, including air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps (IRGC) small boats. These strikes were intended to degrade Iran’s ability to threaten shipping in the Strait of Hormuz, a critical waterway for about 20% of the world’s oil and gas supplies.