Oil Prices Jump After Iran Attacks Commercial Vessels - Crude Oil Prices Today

On 8 July 2026, oil prices jumped after Trump said the ceasefire and deal with Iran were over. Reports put the rise at 5% to over 7%, with Nikkei Asia and New Straits Times noting a two-week high. The Daily Star wrote that oil was back at $80 while stocks slid, and Reuters reported that the S&P 500 ended down.

The US revoked an Iran oil sanctions waiver and resumed strikes, according to Hindustan Times, and OilPrice reported that 63 million barrels of crude were stuck at sea after the waiver was pulled. The Guardian and OilPrice also reported Iranian attacks on tankers and commercial vessels near the Strait of Hormuz. The IMF downgraded its global growth forecast to 3% amid the Iran war, while upgrading its UK forecast as fears over the war's impact diminished.