Crude Oil Prices Jump Over 3% as US Revokes Iran’s Oil Sanctions Waiver | July 8, 2026

Crude oil prices surged on Wednesday, July 8, 2026, after the United States launched fresh military strikes on Iran and reinstated sanctions affecting the country's oil exports, as per news reports. The developments intensified concerns over global crude supply, particularly as tensions escalated around the strategically important Strait of Hormuz. 

Oil prices rose by more than 3% following Washington's decision to revoke a temporary licence that had allowed Iran to sell crude oil and petroleum products on international markets. Investors are closely monitoring the geopolitical situation, which has raised the risk of further disruptions to global energy supplies. 

Fresh US Strikes Raise Supply Concerns 

The latest military action came after three commercial vessels were reportedly hit by projectiles near the Strait of Hormuz, placing additional strain on an already fragile ceasefire between the United States and Iran. According to US officials, the strikes targeted Iranian air defence systems, coastal surveillance facilities, missile positions and drone launch sites. 

Iranian media reported explosions near Kharg Island, the country's primary crude oil export hub responsible for around 90% of its oil exports, along with incidents in Bandar Abbas, Qeshm Island and Sirik. While no civilian fatalities were reported, several people were injured and damage was reported at commercial and fishing ports. 

US Revokes Iran's Oil Sanctions Waiver 

Alongside the military action, the US revoked a licence issued in June 2026, that had temporarily permitted the sale of Iranian crude oil through August. The withdrawal of the concession marks a significant setback for ongoing negotiations and increases uncertainty over future Iranian oil exports. 

Iran condemned the move as a breach of the ceasefire framework and warned it would take necessary measures to protect its national interests. Meanwhile, maritime security concerns intensified after multiple commercial vessels, including a Qatari LNG tanker and a Saudi-flagged crude oil tanker, were reportedly damaged in separate incidents. 

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Conclusion 

Crude oil markets remain highly sensitive to developments in the Middle East. With military tensions escalating, sanctions tightening and uncertainty surrounding negotiations, oil prices are likely to remain volatile as traders assess the risks to global energy supply and shipping routes. 

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