Oil prices rose following Trump’s statements about the end of the truce with Iran.
Oil prices significantly increased after the statement by U.S. President Donald Trump about the end of the truce with Iran. This happened amid escalating tensions between the two countries.
On Wednesday, July 8, there was a sharp increase in oil prices on global markets. September futures for Brent oil rose by 6%, reaching $78.61 per barrel on the London ICE Futures exchange. August futures for WTI increased by 6.15% to $74.77 per barrel on the NYMEX exchange. This rise was a result of Donald Trump’s announcement, in which he declared the end of the truce with Iran, describing its leadership as “sick people.” The President also emphasized that they should be “eradicated like a cancerous tumor.”
Analysts believe that U.S. actions, such as new strikes on Iran and the withdrawal of permission to sell Iranian oil, were responses to Iranian attacks on vessels in the Strait of Hormuz. Experts warn that further escalation of the conflict could lead to even higher oil prices and negatively impact the global economy.
| Oil | Price on July 8 (USD) | Change (%) |
|---|---|---|
| Brent (September) | 78.61 | 6.00 |
| WTI (August) | 74.77 | 6.15 |
