Oil Price Today (July 9): Crude oil nears $80, up for 3rd day as US launches fresh strikes on Iran. Hormuz supply in jeopardy?

Crude oil prices rose for a third straight session with Brent at $78.8 per barrel and WTI at $74.26 per barrel after the US launched fresh military strikes on Iran, escalating fears of supply disruption through the Strait of Hormuz. Iran retaliated by targeting US facilities in Bahrain and Kuwait, and analysts noted global oil inventories had been drawn down during the prolonged shipping disruption and will take time to rebuild. Saudi Aramco CEO Amin Nasser warned that any extended Hormuz disruption could affect nearly 100 million barrels of weekly supply and postpone market stability until 2027.