Crude Oil Prices Rise After Fresh US Strikes on Iran Raise Supply Concerns | July 9, 2026

Crude oil prices moved higher on Thursday, July 9, 2026, after the United States launched fresh military strikes on Iran, reducing hopes of an immediate end to the conflict and raising concerns over oil supplies through the Strait of Hormuz, as per news reports. The renewed tensions prompted investors to reassess geopolitical risks in one of the world's most important energy corridors. 

Brent crude futures gained 1% to trade around US$78.80 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 1.01% to approximately US$74.26 per barrel. Both benchmarks had already rallied sharply in the previous session, reaching their highest levels in more than two weeks. 

Fresh US Strikes Renew Supply Fears 

The latest gains came after the U.S. military carried out fresh strikes on Iran, stating that the operations were aimed at keeping the Strait of Hormuz open for global shipping. The action followed President Donald Trump's announcement that the interim agreement to end the conflict was no longer in effect. 

The Strait of Hormuz remains one of the world's most critical oil transit routes, handling around one-fifth of global oil supplies before the conflict. Any disruption to shipping through the region could significantly tighten global energy supplies. 

Shipping Risks Increase Market Volatility 

Market sentiment was also affected by rising concerns over maritime security. The U.S. stated that its latest military action followed attacks on three oil tankers passing through the Strait of Hormuz earlier this week. 

Iran responded by claiming responsibility for attacks on U.S. military sites in Bahrain and Kuwait following earlier American strikes. The escalating conflict has increased uncertainty for shipping companies and insurers operating in the region. 

Several war-risk insurance providers have reportedly advised shipping companies to temporarily suspend voyages through the Strait of Hormuz, while others are reviewing their insurance terms amid growing security concerns. 

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Conclusion 

Crude oil prices are likely to remain volatile as investors monitor developments in the Middle East. Continued military action, potential shipping disruptions and geopolitical uncertainty surrounding the Strait of Hormuz are expected to keep energy markets on edge in the near term. 

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