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Once again a big stir has started in the global market regarding the prices of crude oil. After the ongoing temporary ceasefire between the US and Iran and the agreement on the Strait of Hormuz, oil prices fell from $115 to below $70 per barrel. But today i.e. on 07 July 2026, the market trend has once again changed and the prices of crude oil have suddenly returned to the rise in the international market. Due to increasing geopolitical tension again, crude oil prices have started rising again.
There was a rise in the prices of Brent crude and WTI crude.
Crude oil prices have registered a rise in the international market in this morning’s trading session:
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Brent Crude: Global benchmark Brent crude price rose by 0.76 percent $72.77 per barrel Has reached.
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WTI Crude: The price of American crude i.e. West Texas Intermediate has increased by $ 0.71 today, due to which the price of one barrel of oil $69.28 But has reached.
Missile attack on commercial ships in Hormuz Strait became the reason
The main reason for this sudden rise in crude oil prices today is the missile attacks on two commercial oil tankers passing through the Strait of Hormuz. After this incident, serious questions have been raised regarding security near the Oman coast. In fact, Iran was continuously warning that foreign ships should use only the sea routes designated by them and should stop passing through those routes near the Oman coast which have been declared safe by America. After this new attack, tension in Hormuz has reached its peak, whose direct impact is visible on oil prices.
Danger of war flares up due to Donald Trump’s new threat
This tension got further fueled when US President Donald Trump once again adopted a very tough and aggressive stance towards Iran. Trump has openly warned that either Iran should make an agreement with America on fixed terms, otherwise America will completely destroy Iran. After this direct threat from the US President, the danger of a full-scale war looming large in the Gulf countries once again, because Iran also does not seem ready to step back or bow down at any cost.
The increased supply of UAE and OPEC Plus may also fade away.
Market experts and commodity experts say that at present the supply of crude oil in the global market is in a much better condition, which has kept the prices within a limited range. The United Arab Emirates (UAE), along with OPEC Plus countries, had taken a big decision to increase its crude oil production to 38 lakh barrels per day in the month of June.
Due to the arrival of this additional supply in the market, oil prices were controlled to some extent and common consumers were getting relief, but experts believe that if this acrimony between America and Iran increases further and the Strait of Hormuz is blocked again, then even this supply of OPEC will not be able to stop the prices from increasing. In the coming days, the graph of crude oil may once again cross $80, indications of which have started coming from today’s market.