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Oil prices surge as US Iran tensions threaten Hormuz ceasefire hopes
International
Published on 8 May 2026
Strait of Hormuz reopening now looks uncertain
Oil prices jumped Friday as renewed US Iran clashes put a fragile ceasefire at risk and cloud hopes of reopening the Strait of Hormuz. Brent and WTI futures reversed earlier declines and rose sharply amid conflicting claims: Iran accuses US violations while the US cites retaliatory strikes, even as President Trump says the ceasefire still holds.
- Brent and WTI futures climbed after earlier declines
- Renewed US Iran clashes threaten a fragile ceasefire
- Reopening the Strait of Hormuz faces fresh uncertainty
- Iran and the US trade accusations over violations and retaliation
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times