Oil prices soared by more than five per cent on Wednesday, July 8, 2026, reaching their highest levels in two weeks after United States President Donald Trump declared that the Memorandum of Understanding aimed at ending the conflict with Iran was “over”.
Brent crude advanced $3.82, or 5.15 per cent, to $77.98 per barrel, while U.S. West Texas Intermediate (WTI) climbed $3.70, or 5.25 per cent, to $74.14 per barrel during early trading.
The gains followed a three per cent rise recorded on Tuesday after the United States revoked a licence allowing the sale of Iranian crude.
Speaking ahead of a NATO summit in Ankara, the capital of Turkey, Trump said the agreement was “over”, adding that that he had no interest in reopening talks with Tehran.
Analysts said the latest developments have significantly increased uncertainty over the future of negotiations and heightened concerns about stability in the global oil market.
The Chief Commodities Analyst at SEB, Bjarne Schieldrop, said the breakdown of talks had cast serious doubt on the planned 60-day negotiation process, adding that oil prices closer to $80 per barrel better reflect current market conditions.
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The security situation deteriorated after the U.S. military said it launched airstrikes in response to attacks on three commercial vessels transiting the Strait of Hormuz.
Iran’s Revolutionary Guards later announced strikes on U.S. military facilities in Bahrain and Kuwait, intensifying fears of a broader regional conflict.
While Iran denied responsibility for the attacks on the vessels, Qatar accused Tehran of carrying out the assaults, including a drone strike that damaged a Qatari liquefied natural gas tanker and sparked a fire in its engine room.
The renewed conflict has raised alarm over the safety of shipping through the Strait of Hormuz, one of the world’s most strategic energy routes, through which about 20 per cent of global oil and gas supplies pass.
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