Published Wed, Jul 8, 2026 · 05:11 PM

[BENGALURU] Oil prices jumped more than 5 per cent on Wednesday (Jul 8), hitting a two-week high after US President Donald Trump said the memorandum of understanding to end the conflict with Iran was “over”, renewing fears of disruptions to Middle East oil supplies.

Brent crude futures gained US$3.82, or 5.15 per cent, hitting US$77.98 a barrel at 0832 GMT, while US West Texas Intermediate crude climbed US$3.70, or 5.25 per cent, to US$74.14 a barrel.

The benchmarks are at their highest levels since Jun 23.

Both rose about 3 per cent on Tuesday after the US revoked the general licence authorising the sale of Iranian crude.

Speaking ahead of a Nato summit in Ankara, Trump said the interim pact to end the war that the US and Israel launched against Iran in February was “over”, adding he did not want to engage with Teheran.

“The latest developments have effectively thrown the future of the 60-day negotiation process into doubt,” said Bjarne Schieldrop, chief commodities analyst at SEB.

“In my view, a price closer to US$80 a barrel is more consistent with current market fundamentals than US$70,” he added.

The US airstrikes were in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz, US Central Command said on Tuesday.

Iran’s Revolutionary Guards then said they targeted US military sites in Bahrain and Kuwait early on Wednesday.