Oil drilling rigs
Oil prices extended their gains today, July 8, following statements by US President Donald Trump indicating the end of the truce between the US and Iran. 
This came after US forces launched airstrikes against Iranian targets in response to attacks targeting three commercial vessels as they crossed the Strait of Hormuz, renewing concerns about the safety of oil tanker traffic through the waterway.
The Iranian Foreign Ministry stated earlier today that the US strikes are a blatant violation of the memorandum of understanding that Washington and Tehran concluded last month to end the war.
Bjarne Schieldrop, Senior Commodities Analyst at SEB Research, told Reuters that recent developments have increased doubts about the future of negotiations, adding to the uncertainty surrounding shipping in the Strait of Hormuz.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
78.72
4.56
6.15%
WTI (August delivery)
74.95
4.51
6.35%
Data from the American Petroleum Institute showed a decline in US crude inventories , while markets await official data from the Energy Information Administration later today, amid expectations of a drop in inventories of about two million barrels.
Oil drilling rigs
Oil prices extended their gains today, July 8, following statements by US President Donald Trump indicating the end of the truce between the US and Iran.
This came after US forces launched airstrikes against Iranian targets in response to attacks targeting three commercial vessels as they crossed the Strait of Hormuz, renewing concerns about the safety of oil tanker traffic through the waterway.
The Iranian Foreign Ministry stated earlier today that the US strikes are a blatant violation of the memorandum of understanding that Washington and Tehran concluded last month to end the war.
Bjarne Schieldrop, Senior Commodities Analyst at SEB Research, told Reuters that recent developments have increased doubts about the future of negotiations, adding to the uncertainty surrounding shipping in the Strait of Hormuz.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
78.72
4.56
6.15%
WTI (August delivery)
74.95
4.51
6.35%
Data from the American Petroleum Institute showed a decline in US crude inventories , while markets await official data from the Energy Information Administration later today, amid expectations of a drop in inventories of about two million barrels.
