Oil Prices Extend Gains as US-Iran Tensions Fuel Supply Concerns

July 9, 2026 – Global oil prices continued to rise on Thursday as renewed military escalation between the United States and Iran heightened concerns over potential disruptions to energy supplies through the Strait of Hormuz, one of the world's busiest oil shipping routes. Brent crude approached $78.88 per barrel, while West Texas Intermediate (WTI) climbed to $74.37. The latest available OPEC Reference Basket stood at around $70.37 per barrel.

Middle East Tensions Support Oil Prices

Oil markets remained under pressure after fresh U.S. strikes on Iranian targets reduced expectations for a near-term easing of regional tensions.

Investors are increasingly concerned that prolonged instability could affect shipping through the Strait of Hormuz, a critical passage that carries a significant share of global crude oil exports. These concerns have added a geopolitical risk premium to oil prices despite previous expectations that higher OPEC+ production would improve global supply.

Higher Oil Prices Could Affect Egypt

Egypt is closely monitoring developments in global energy markets, as sustained increases in crude oil prices may raise the country's petroleum import costs and increase pressure on the state budget.

Higher international oil prices can also influence future domestic fuel pricing reviews, particularly if geopolitical tensions continue to disrupt global energy markets.

Markets Watch for Further Developments

Investors are now focused on whether diplomatic efforts can ease tensions or whether further disruptions to regional oil supplies will continue supporting higher crude prices.

While global demand and OPEC+ production remain important market drivers, geopolitical developments in the Middle East are expected to remain the dominant factor shaping oil prices in the near term.