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Brent crude climbs to $80.006 as U.S.-Iran tensions intensify

AI Market Summary
Crude benchmarks surged as geopolitical risk in the Gulf escalated. Reports of potential U.S. targeting of Iranian infrastructure and possible moves around Kharg Island, alongside uncertainty over a 60-day ceasefire and a sharp disruption in tanker traffic through the Strait of Hormuz, raise near-term supply and logistics risks. The move reinforces a risk premium in Brent and related energy assets.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT+5.54%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Oil prices surged on July 8. WTI crude futures jumped 7.49% to $75.717 a barrel, while Brent crude futures rose 7.88% to $80.006. China's SC crude oil futures main contract gained 7.00% to RMB 487 a barrel. Speaking in Ankara, U.S. President Trump said the United States may strike Iran's civilian infrastructure and seek to take control of Kharg Island. The outlook for a 60-day ceasefire agreement between the U.S. and Iran remains unclear. Tanker movements through the Strait of Hormuz have effectively come to a halt.
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