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Oil jumps again as US Iran tensions raise Strait of Hormuz supply fears
Economy
Published on 8 May 2026
New clashes spark fresh Hormuz shipping shockwaves
Oil prices are rising after fresh US and Iran clashes reignited fears over supply routes through the Strait of Hormuz. Brent pushed above $100 and WTI followed higher, but markets are still split as ceasefire talks continue. Traders now look to upcoming jobs data, currency moves, shipping risks, and global equities for clues on whether crude gains can hold.
- Oil surged after renewed US Iran clashes tied to Hormuz risks
- Brent rose above $100 while WTI climbed alongside it
- Ceasefire talks keep price direction uncertain
- Jobs data, currencies, shipping and stocks may decide next moves
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times