Brent crude surges toward $90 as US-Iran conflict reignites supply fears

Escalating tensions between Washington and Tehran have triggered a sharp repricing of Middle East supply risk, pushing oil futures to multi-week highs and reviving concerns over Strait of Hormuz disruptions.

By Handelsavisen Newsroom · Automated 2026-07-08 19:15 UTC · 1 min read

Brent crude futures climbed sharply on Wednesday, driven by renewed geopolitical tensions between the United States and Iran.

The escalation has reignited fears of supply disruptions in the Middle East, with traders closely monitoring the potential impact on global energy flows.

The benchmark contract rose more than 3% in early European trading, reaching $76.

The move marks a significant shift from recent stability, as markets rapidly repriced the risk premium associated with the region's conflict.

The benchmark contract rose more than 3% in early European trading, reaching $76.39 per barrel, before extending gains further as the day progressed.

WTI crude also posted strong gains, closing higher amid the broad-based rally in energy assets.

The surge reflects persistent concerns over shipping routes and export bottlenecks, particularly around the Strait of Hormuz, which remains a critical chokepoint for global oil supplies.