Brent North Sea crude
Coverage of Brent North Sea crude in the Nexus archive.
- Early Edition: July 8, 2026
Iran and the United States exchanged strikes after Iranian attacks on commercial vessels in the Strait of Hormuz. President Trump ordered U.S. military strikes on Iran and revoked a sanctions waiver, while Iran claimed the ceasefire was rendered ineffective. World oil prices rose over 5% following Trump's declaration that the interim deal with Iran was over.
- Oil prices jump 5 percent after Trump says Iran ceasefire over
Oil prices increased by 5-5.4 percent following Trump's statement that the Iran ceasefire has ended. The US responded to attacks on ships in the Strait of Hormuz with extensive strikes on Iran, leading to reprisals against American bases in the Gulf.
- Oil drops below $80 on US-Iran deal
Oil prices fell below $80 a barrel due to optimism over a US-Iran deal that could reopen the Strait of Hormuz, easing global inflation pressures. The drop marked a three-month low for Brent crude before prices slightly recovered.