Oil Price Today (July 8): Crude oil tops 5% in two days as ‘powerful’ US strikes on Iran revive supply fears. What’s unfolding?

Crude oil prices surged over 5 percent in two days after powerful US strikes on Iran reignited supply fears. Brent crude climbed 2.16 percent to 76 dollars per barrel and WTI gained 2.31 percent to 72 dollars, reversing earlier post-truce declines. The escalation, including the US withdrawing the licence allowing Iranian crude sales and attacks on commercial vessels in the Strait of Hormuz which handles about one-fifth of global energy supply, has challenged expectations of an oversupplied market. Saudi Aramco CEO Amin Nasser warned that prolonged disruption could affect nearly 100 million barrels of weekly supply and delay global oil market stability until 2027.