Oil Jumps 2.2% Above $75 as US Strikes Iran for Second Straight Day
Updated
Updated · Bloomberg · Jul 8
Oil Jumps 2.2% Above $75 as US Strikes Iran for Second Straight Day
3 articles · Updated · Bloomberg · Jul 8
Summary
West Texas Intermediate rose 2.2% to above $75 a barrel in early Asia trading, while Brent briefly topped $80 after Washington said it struck Iran again.
The second straight day of US attacks deepened fears that fighting could disrupt shipping through the Strait of Hormuz, a key artery for global crude flows.
S&P 500 futures slipped 0.1% after the index fell 0.3% on Wednesday, signaling broader risk aversion even as the market reaction stayed relatively contained.
Asian equity futures were mixed—pointing higher for Japan and South Korea but lower for Hong Kong and Australia—as investors weighed the regional and energy-market fallout.
With new pipelines and massive reserves, is the Strait of Hormuz becoming irrelevant to global energy security?
Will the world's most vital waterway be permanently divided by political allegiance rather than international law?
Strait of Hormuz Crisis: US-Iran War Triggers Global Energy Shock, Market Volatility, and Geopolitical Realignment (2026)
Overview
The report highlights how global markets are highly sensitive to the US-Iran conflict, with recent escalations causing immediate market shocks. It traces the roots of the crisis to US and Israeli airstrikes in February 2026 that killed Iran’s Supreme Leader, sparking a new phase of hostilities. This triggered grave international concern and led to significant disruptions in global energy markets, especially around the Strait of Hormuz. The conflict has caused oil price volatility, supply risks, and inflation, while failed diplomacy and shifting alliances have deepened regional instability. The situation remains volatile, with ongoing risks for global energy security and economic stability.