Hormuz Tensions Push Brent Past $78.50 Before Trade Fears Wipe Out the Gain

A single-session spike in crude futures on July 8 gave way within days as physical routes through the Strait of Hormuz showed no immediate shift.

Brent crude and West Texas Intermediate futures climbed more than six percent on July 8 after Donald Trump declared the Iran ceasefire over. The move carried Brent past $78.50 a barrel and drew the benchmark close to $80 as traders focused on the narrow waterway that moves roughly one-fifth of global oil supply.

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