Brief by Shorts91 Newsdesk / 04:51am on 08 Jul 2026,Wednesday Business
Oil prices climbed more than 2% after the United States launched fresh airstrikes on Iran and reinstated sanctions on Iranian crude exports, raising fears that the fragile ceasefire could collapse and disrupt global energy supplies. Brent crude rose to $76.08 a barrel, while US West Texas Intermediate advanced to $72.26. The gains followed renewed tensions in the Strait of Hormuz after attacks on commercial vessels and reports of damage to a Saudi-flagged oil tanker and a Qatari LNG carrier. Analysts warned that continued instability around the key shipping route, which handles about one-fifth of global energy supplies, could tighten crude markets and keep oil prices elevated. (PC: Reuters)
