Oil Retreats After Topping $78 as Strait of Hormuz Risk Premium Eases
10 July 2026 | 3 months ago
WTI crude opened at $72.22 a barrel on Wednesday, July 8, 2026 (17 Tir), while Brent opened at $75.92 the same day and touched $78.17 intraday. According to Fortune, the rise reflected concern over a possible disruption to oil transit through the Strait of Hormuz after three tankers were attacked and a fresh round of US strikes on Iran began. By Thursday, July 9 (18 Tir), however, Brent eased back toward $77 a barrel, giving up part of the prior two days' gains. Analysts attributed the swings to the tug of war between regional geopolitical risk and the market's wait for the US Federal Reserve's next interest rate decision.
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