finance
Brent Crude Rises Over 3 Percent After U.S. Strikes on Iran and End of Iranian Oil Sanctions Waiver
Oil prices climbed more than 3 percent on Wednesday following U.S. military strikes and the revocation of an Iranian oil sanctions waiver. Asian equity markets closed mixed amid the developments in the Strait of Hormuz.
Jul 7, 3:21 PM·1m read2 sources
WA
DeterrenceEscalation
middleeasteye.netAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
Brent crude rose more than 3 percent on Wednesday, July 8, 2026, with September futures reaching $76.48 a barrel by 06:30 GMT. The increase followed U.S. attacks on Iran and the revocation of a temporary sanctions waiver on Iranian oil after attacks on three commercial vessels in the Strait of Hormuz.
U.S. Central Command stated it had begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping. , Qatari and Saudi officials blamed Iran for the vessel attacks.
The U.S. Department of the Treasury revoked its 60-day waiver on sanctions on Iranian oil late on Tuesday, July 7. The Treasury Department had authorized the sale of Iranian oil until August 21 as part of negotiations with Tehran, but new transactions including purchases or loading are no longer allowed after 12:01 a.m.
EDT on July 17. Iranian Deputy Foreign Minister Kazem Gharibabadi said Tehran would take decisive actions to safeguard its interests and security, describing the waiver revocation as a blatant violation of the memorandum of understanding signed by Washington and Tehran on June 17. Asian stock markets were mixed, with steep losses in Tokyo and Seoul and gains in Taipei and Hong Kong.
