Oil surges 5%, global stocks tank as US-Iran resume war

Thursday, 9 July 2026 05:50 - - {{hitsCtrl.values.hits}}

Global oil prices surged more than 5% yesterday while stock markets retreated after renewed hostilities between the US and Iran shattered hopes that tensions in the Middle East were easing, prompting investors to reassess geopolitical risks and the outlook for global energy supplies.

Brent crude futures for September delivery climbed 5.3% to $ 78.10 a barrel, while US benchmark West Texas Intermediate for August delivery rose 5.4% to $ 74.31 after US President Donald Trump declared that the ceasefire with Iran was “over” following fresh attacks in the Strait of Hormuz.

Global equity markets came under pressure as investors shifted away from risk assets. Dow Jones futures fell 351 points, or 0.7%, while S&P 500 and Nasdaq-100 futures lost 0.4% and 0.5%, respectively. Europe’s STOXX 600 declined 1.5%, with oil and gas stocks the only sectors to post gains as higher crude prices boosted energy shares.

Asian markets were also broadly weaker. Japan’s Nikkei 225 fell 2.1%, South Korea’s KOSPI tumbled 5.4% to enter bear market territory, while Hong Kong’s Hang Seng Index bucked the regional trend with a 3.2% gain. Mainland China’s CSI 300 slipped 0.3%.

The latest market turmoil followed a series of US strikes against Iran after attacks on commercial vessels transiting the Strait of Hormuz, one of the world’s most important oil shipping routes. Washington also revoked a licence that had allowed Iran to continue selling oil internationally, while Tehran condemned the strikes as a violation of last month’s ceasefire understanding and vowed to defend its sovereignty.