US oil prices jump after US military launches strikes against Iran

July 8, 2026

U.S. oil prices increased significantly after military strikes against Iran. These actions followed Iranian attacks on three commercial vessels in the Strait of Hormuz. A Qatari liquefied natural gas tanker reported being struck by a drone. Maritime security sources indicated a Saudi-flagged crude oil tanker was also damaged. Fears of disruptions to tanker traffic through the Strait of Hormuz have resurfaced.

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