Global crude oil prices rise over 2% amid renewed US-Iran tensions

By  News On Air   Jul 08, 2026

Global crude oil prices rose more than two per cent today as renewed hostilities between the United States and Iran threatened to shatter the fragile ceasefire that had brought some relief to global energy markets.

Brent crude was trading nearly 2.3 per cent up at 75 US dollars and 87 cents per barrel. West Texas Intermediate crude was trading 2.2 per cent up at 71 US dollars and 96 cents per barrel, when reports last came in.