Oil prices surge after US ends ceasefire with Iran and renews strikes

Oil prices jumped over 5% in the first trading session of the week after the collapse of the US-Iran ceasefire and renewed military strikes.

• Trump announced the end of the ceasefire with Iran during the NATO summit in Ankara, according to multiple reports.
• The US military launched strikes against Iran on July 7 to undermine its ability to disrupt navigation through the Strait of Hormuz, CENTCOM said.
• Oil prices rose sharply: West Texas Intermediate reached $74.76 and Brent crude neared $80 per barrel.
• OPEC+ announced a production increase of 188,000 barrels per day starting August 2026.

Latest developments

• Trump announced a naval blockade on Iran and a 20% protection fee on all goods transiting the Strait of Hormuz.
• Iran's military warned that any cooperation with Washington would be considered an act of war.
• The US airstrikes were in retaliation for drone attacks on commercial vessels, according to CENTCOM.