Oil closes above $78 as supply disruption fears resurface
Oil drilling rigs
Oil prices rose at the close of trading today, July 8, as tensions between the US and Iran escalated after President Donald Trump threatened new strikes, reviving fears of potential disruption to shipping through the Strait of Hormuz.
Trump announced this morning the end of the interim agreement with Iran, following Iranian attacks targeting commercial ships in Hormuz and a US response with strikes on targets inside Iran, which increased doubts about the future of the temporary truce and the possibility of reaching a permanent peace agreement.
Trump also hinted at the possibility of launching more strikes on Iran tonight, threatening to target its civilian infrastructure, but at the same time ruled out an all-out war between the two sides.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (September delivery) |
78.02 |
3.86 |
5.20% |
|
WTI (August delivery) |
73.52 |
3.08 |
4.37% |
*July 8 settlement
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