US Strikes Iran Again, Global Oil Prices Hit 2-Week High

Global oil prices strengthened again in early trading on Thursday (9/7/2026) amid escalating conflict in the Middle East. New strikes by the United States (US) on Iran have reignited concerns over the security of global oil supplies, particularly in the Strait of Hormuz, a vital artery for the world’s energy trade. According to Refinitiv at 09:35 WIB, Brent crude oil was at US$78.76 per barrel, up 0.95% from the previous close of US$78.02 per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened 0.98% to US$74.24 per barrel from its previous close of US$73.52 per barrel. This rise extends oil’s rally in recent days. Since the start of July, Brent has surged approximately 10.0% from US$71.57 per barrel to US$78.76 per barrel, while WTI has risen about 8.3% from US$68.58 per barrel to US$74.24 per barrel. Oil prices jumped after the US military launched new strikes on Iran, citing the need to keep the Strait of Hormuz open for shipping traffic. The move came hours after US President Donald Trump stated that a temporary deal to end the war had expired. Markets had briefly hoped that the Iran conflict might de-escalate and shipping activity in the Strait of Hormuz would return to normal, but the latest US strikes have altered those expectations. The Strait of Hormuz holds strategic significance for the global energy market, with roughly a fifth of the world’s pre-war oil supply transiting the narrow channel. Disruptions to ship traffic in the area immediately raise concerns about the availability of oil supply on the international market. IG analyst Tony Sycamore noted that the surge in oil flows that had recently passed through the Strait of Hormuz is expected to subside as shipowners adopt a more cautious stance amid the deteriorating security situation. The US described its latest strikes as a response to attacks on three tankers transiting the Strait of Hormuz the previous Tuesday. The US strikes shook several cities on Iran’s southern coast and caused power outages in parts of the region. Iran subsequently stated it had attacked US military facilities in Bahrain and Kuwait in retaliation for the earlier strikes on its infrastructure. The heightened tensions have triggered alertness in the shipping and insurance sectors. Several war insurance companies have advised shipping firms to temporarily suspend journeys through the Strait of Hormuz, while others are reviewing their insurance protection terms following renewed attacks on vessels in the area. This situation has once again increased the geopolitical risk premium in the oil market. As long as the potential for disruption in the Strait of Hormuz remains high and the Iran-US conflict does not subside, the global energy market is expected to remain on edge and vulnerable to further price spikes.