Oil Prices Rise as US Strikes Iran Renew Supply Concerns
By:Donia Saad
July 8, 2026
July 8, 2026 – Global oil prices climbed on Wednesday after the United States launched military strikes against Iran, raising concerns over potential disruptions to oil supplies through the Strait of Hormuz, one of the world’s most important energy shipping routes.
According to market data, Brent crude traded at around $76.08 per barrel, while West Texas Intermediate (WTI) reached $72.26 per barrel. The OPEC Reference Basket was last recorded at $70.37 per barrel.
Geopolitical Tensions Lift Oil Prices
Oil prices moved higher as investors reacted to renewed tensions between Washington and Tehran, increasing fears that further escalation could disrupt crude exports from the Middle East.
Market sentiment has also been affected by uncertainty surrounding shipping activity through the Strait of Hormuz, as it is considered a strategic waterway which carries a significant share of global oil exports.
Egypt Closely Watches Energy Markets
Higher global oil prices are closely monitored in Egypt, as they can increase the country’s energy import costs and place additional pressure on the state’s fuel subsidy bill and broader budget.
Although domestic fuel prices are reviewed periodically, sustained increases in international crude prices could influence future pricing decisions if elevated market conditions persist.
Markets Focus on Supply Risks
Investors are now watching whether geopolitical tensions continue to affect oil production and shipping routes across the region.
While recent OPEC+ production increases were expected to support global supply, renewed conflict in the Middle East has shifted market attention back toward potential supply disruptions and energy security.
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