Oil prices surged more than 3% on Wednesday after the United States and Iran exchanged aerial strikes and Washington reimposed sanctions on Iranian crude sales, deepening fears that a fragile truce between the two countries is unravelling and that Middle East oil supply could once again be disrupted.
Brent crude futures rose $2.40, or 3.2%, to $76.56 per barrel in morning trading. US West Texas Intermediate (WTI) advanced $2.26, or 3.2%, to $72.70 per barrel.
Both benchmarks had already gained around 3% on Tuesday after the United States revoked the general licence that had permitted the sale of Iranian crude oil.
The US airstrikes were a response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz, according to a statement issued Tuesday by US Central Command. Iran's Revolutionary Guard subsequently claimed to have struck US military facilities in Bahrain and Kuwait in the early hours of Wednesday.
'The current conflict is a reminder to the market of just how fragile passage through the Strait remains,' said Saul Kavonic, head of research at MST Marquee.
According to the analyst, the situation runs counter to the prevailing market expectation of an oversupply flood, and could prompt investors holding short positions on oil futures to reassess their bets.
Kavonic added that if tensions persist and maritime traffic through Hormuz remains below 50% of pre-war levels, supply constraints could sustain higher oil prices.
Following a truce agreement signed by the United States and Iran last month, oil prices had returned to pre-conflict levels as investors built up large short positions in oil futures, wagering on a further price decline.
The expectation that large volumes of Middle Eastern oil held back during the conflict would re-enter the market had been the primary driver behind the price fall.
Iran did not claim responsibility for the attacks on the vessels, but Qatar held Tehran accountable for the incidents, including a strike on a Qatari liquefied natural gas tanker that was reportedly hit by a drone, causing a fire in the engine room.
The attacks have reignited concerns over tanker traffic through the Strait of Hormuz, a strategic chokepoint that, prior to the outbreak of war in February, carried cargo equivalent to roughly one-fifth of global energy supply.
Iran is tightening its control over the waterway and has ordered vessels to use a route closer to its coastline rather than the passage near Oman, which also borders the strait. The United States insists the strait must remain open to all, as it was before the conflict began.
Since the start of the war, several countries have drawn down strategic reserves to offset supply shortfalls. US inventories fell again last week, according to market sources cited on Tuesday, based on data from the American Petroleum Institute (API).
Analysts polled by Reuters had expected crude stockpiles to decline by approximately 2.4 million barrels in the week ending 3 July.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/07/08/commodities-3/petroleo-sobe-mais-de-3-com-eua-e-irao-a-trocarem-ataques/
