Crude Settles Nearly 5% Higher as Truce Buckles

July 8, 2026

News summary: Reuters reported Brent settled at $78.02/bbl and WTI at $73.52/bbl after renewed U.S.-Iran tension raised fears of another interruption to Hormuz vessel movements.

Market context: The sharp repricing showed how quickly a political headline can flow into freight, insurance and prompt delivered-cost assumptions.