US Strikes Iran Again, Global Oil Prices Hit 2-Week High
Global oil prices strengthened again in trading on Thursday morning (9/7/2026) amid the intensifying conflict in the Middle East. New attacks by the United States (US) on Iran have reignited fears over the security of global oil supplies, particularly through the Strait of Hormuz, a vital artery for world energy trade.
According to Refinitiv at 09.35 WIB, Brent crude was at US$78.76 per barrel, up 0.95% from the previous day’s close of US$78.02 per barrel. Meanwhile, West Texas Intermediate (WTI) crude rose 0.98% to US$74.24 per barrel from its previous close of US$73.52 per barrel.
The rise extends the oil rally of recent days. Since the start of July, Brent has surged around 10.0% from US$71.57 per barrel to US$78.76 per barrel, while WTI has climbed around 8.3% from US$68.58 per barrel to US$74.24 per barrel.
As reported by Reuters, oil prices jumped after the US military launched new attacks on Iran, ostensibly to keep the Strait of Hormuz open to shipping traffic. The move came just hours after US President Donald Trump declared that the interim deal to end the war had collapsed.
Markets had briefly hoped the conflict with Iran would soon subside and shipping activity through the Strait of Hormuz would return to normal. However, the latest US attacks upended those expectations.
The Strait of Hormuz holds strategic significance for the global energy market. Roughly one-fifth of the world’s pre-war oil supply passed through the narrow chokepoint. Any disruption to vessel traffic in the area immediately raises concerns about the availability of oil supplies in the international market.
IG analyst Tony Sycamore said the surge in oil flows that had recently passed through the Strait of Hormuz over the past few weeks is expected to ease, as shipowners adopt a more cautious stance amid a deteriorating security situation.
The US said its latest attacks were a response to strikes on three tanker ships transiting the Strait of Hormuz on Tuesday. The US strikes shook several cities along Iran’s southern coast and caused power outages in parts of the region.
Iran subsequently said it had attacked US military facilities in Bahrain and Kuwait in retaliation for the earlier strikes on its infrastructure.
The rising tensions have also put the shipping and insurance sectors on alert. A number of war insurance companies have advised shipping firms to temporarily suspend journeys through the Strait of Hormuz. Others are reviewing the terms of their insurance cover following renewed attacks on vessels in the area.
These conditions have pushed the geopolitical risk premium in the oil market higher again. As long as the potential for disruption in the Strait of Hormuz remains elevated and the Iran-US conflict has not subsided, the global energy market is expected to remain on high alert and vulnerable to further price spikes.