Jul 10, 2026 (PRISM News via COMTEX) --
Crude oil roared higher on Wednesday, climbing more than 5% after President Donald Trump threatened a new round of strikes on Iran and declared the ceasefire between Washington and Tehran effectively dead. West Texas Intermediate jumped 5.3% to $74.19 a barrel, while Brent advanced 5.8% to $78.43, sending a fresh jolt of volatility through energy markets.
What Triggered the Move
The rally traces directly back to Trump’s remarks at a NATO summit in Turkey, where he told reporters the peace deal with Iran was “over” and signaled that the US would likely hit Iranian targets again that night. Those comments landed just a day after the US struck Iran in response to attacks on three tankers crossing the Strait of Hormuz. In retaliation, Iran’s Islamic Revolutionary Guard Corps reportedly targeted US military positions across Bahrain and Kuwait, sharpening fears of a wider regional conflict.
Why It Matters for Markets
Beyond the immediate price spike, traders quickly recalibrated their risk models. Because the two sides now openly accuse each other of breaking the ceasefire, the fragile 60-day negotiating window agreed last month looks increasingly shaky. Adding fuel to the move, the US Treasury withdrew a waiver that had allowed Iran to sell oil, tightening supply expectations. As Saxo Bank noted, Brent’s climb back above $76 could push hedge funds into further short covering, which would only amplify the upswing.
The Bigger Picture
Looking ahead, analysts warn that the stakes stretch well beyond the pump. Oxford Economics Chief Global Economist Ryan Sweet framed a broken peace deal as a fast-moving chain reaction: higher oil prices would ripple into AI supply chains across Asia, force central banks toward a more hawkish stance, tighten financial conditions, and potentially reshape the US midterms. In his words, “the cascade runs fast.” For now, energy markets remain squarely at the mercy of the next headline out of the region.
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COMTEX_486486407/2927/2026-07-10T15:16:29
