Oil prices jump again as US-Iran fighting resumes and Hormuz fears grow
Photo: Oil prices rise again (Getty Images)
Global oil prices rose again today, May 8, after fighting resumed between the United States and Iran, according to Reuters.
According to the agency, the renewed conflict has threatened the fragile ceasefire and shattered hopes for the reopening of the Strait of Hormuz, a key transit route for global oil and gas supplies.
Brent crude futures rose by 67 cents, or 0.67%, to $100.73 per barrel. US West Texas Intermediate (WTI) crude futures gained 45 cents, or 0.47%, to $95.26 per barrel. At market opening, both benchmarks had surged by more than 3%.
Friday’s price spike came after Iran accused the United States of violating the month-long ceasefire.
“The U.S. administration continues to oversell the prospects of a thaw, and an optimism-biased market buys into it. Curiously, each time, the rebound is gradual and incomplete, making the head fakes at least somewhat effective,” said Vandana Hari, founder of oil market analysis firm Vanda Insights.
The US, meanwhile, insists its strikes were carried out in response to attacks by Iranian forces on US Navy ships passing through the Strait of Hormuz.
Separately, Reuters reported that the US Commodity Futures Trading Commission is investigating $7 billion worth of oil trades placed ahead of key statements by US President Donald Trump related to the war with Iran.
Most of the trades involved short positions or bets on falling prices placed on ICE and CME before Trump’s statements about delaying attacks or introducing a ceasefire, which later caused oil markets to decline.
Earlier, US Treasury Secretary Scott Bessent said oil prices are expected to decline by the end of 2026, with the downward trend potentially starting in the near future.
