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Informist, Wednesday, Jul. 8, 2026

 

--ICE Brent Sept crude oil futures contract rises 6% to $78.58 per barrel 

--ICE Brent Crude Oil Sept futures rise to $78.56/bbl, up 6% vs 2.5?rlier 

--MCX July crude oil futures at INR 7,137/bbl, up 7% vs 2.4?rlier

--MCX July crude oil futures contract jumps 7% to INR 7,137 per barrel

 

MUMBAI – Crude oil prices on international exchanges and domestic bourses rose more than 6% and hit a two-week high Wednesday after US President Donald Trump said the ceasefire with Iran is "over". The renewed military strikes exchanged by the US and Iran have brought back fears of supply disruptions in West Asia.

 

Trump said the memorandum of understanding underpinning the ceasefire with Iran "was over". Dealing with Iran, he said, was a "waste of time". The US attacked sites along Iran's coast and blocked its ability to sell oil legally Tuesday in response to Tehran's recent attacks on ships near the Strait of Hormuz.

 

"The rally has continued this morning, and four oil and gas tankers have reportedly either decided not to transit the strait or (have) been forced to turn around after Iran declared that the only safe shipping route through the Strait of Hormuz is the ‌one designated by Tehran," Reuters quoted PVM analyst Tamas Varga as saying. PVM is a leading broker of oil instruments.

 

At 1528 IST, the most-active September contract of Brent crude oil on the Intercontinental Exchange was up 6% at $78.67 per barrel, after hitting a two-week high of $79.26 per barrel intraday. On the Multi Commodity Exchange of India, the most-active July contract was up 7% at INR 7,185 per barrel after hitting a two-week high of INR 7,218 per barrel earlier in the day.  End

 

US$1 = INR 95.55

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Afra Abubacker

Edited by Rajeev Pai

 

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