Market history · Commodities ·
Oil jumps as US–Iran hostilities resume
By early July 2026 oil had slid back to pre-war levels, helped by a memorandum of understanding that the US and Iran signed on 17 June.
On 8 July Brent rose more than 3%, to $76.48, its highest since 23 June, after attacks on three commercial vessels in the Strait of Hormuz. US, Qatari and Saudi officials blamed Iran, and the US launched strikes. Washington also revoked a waiver that had allowed Iranian oil sales. Analysts warned that traffic through the strait could stay well below pre-war levels for many months.
By August Brent was trading at around $90 a barrel. The calm had been fragile.
The takeaway
A price that has returned to its pre-crisis level has not necessarily returned to pre-crisis risk.
Sources
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.