US attacks on Iran shock markets, oil prices rise

2026-07-08 08:38:43Kosova&Bota SHKRUAR NGA REDAKSIA VOX

US attacks on Iran shock markets, oil prices rise

Oil prices have risen sharply on international markets following new United States attacks on Iran and the reinstatement of US sanctions on Iranian oil exports.

Brent crude, the international benchmark, rose 5.8% to $76.2 a barrel. Meanwhile, U.S. WTI crude rose 2.75% to $72.38 a barrel.

The market move comes after Washington launched military strikes on Iranian targets in response to attacks on merchant ships near the Strait of Hormuz. At the same time, the US administration reinstated sanctions on Iran's oil exports.

The new escalation of tensions has added to concerns about global oil supplies, as the Strait of Hormuz remains one of the world's most important energy transport corridors.

For its part, Iran accused the US of violating the memorandum of understanding reached between the two countries and warned that it would give a "devastating response," raising fears of a further escalation of the conflict and its impact on global markets.


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