Crude Oil Price Today, 8 July 2026: Brent Climbs 1.9% to $75.54 as US Strikes on Iran Stoke Supply Fears

Crude oil price today climbed nearly 2 percent on Wednesday, 8 July 2026, after the US military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears that the fragile truce between the two sides is unravelling and that Middle East supplies could be disrupted again.

Brent crude futures gained $1.38, or 1.9 percent, to $75.54 a barrel, while US West Texas Intermediate crude climbed $1.37, or 1.9 percent, to $71.81 a barrel at 0128 GMT. On the MCX, crude oil July futures jumped about 2.7 percent to around Rs 6,885 per barrel.

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Why Is the Crude Oil Price Today Rising

The US airstrikes were in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz, US Central Command said on Tuesday. The strait is a key waterway for the transport of Middle Eastern oil shipments to wider markets, and any threat to traffic through it carries an immediate supply risk premium.

The reimposition of sanctions on Iranian crude sales adds a second layer of supply tightness, since it can pull Iranian barrels out of the export market at a time when demand remains steady.

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Crude Oil Price Today: Market Snapshot

Particulars	Level / Move
Brent Crude Futures	$75.54 a barrel, up $1.38 or 1.9 percent
WTI Crude Futures	$71.81 a barrel, up $1.37 or 1.9 percent
MCX Crude Oil July Futures	Around Rs 6,885 per barrel, up about 2.7 percent
Trigger	US airstrikes on Iran and reimposed crude sales sanctions
Key Risk	Disruption to shipments through the Strait of Hormuz

What Higher Oil Prices Mean for Indian Markets

India imports over 85 percent of its crude requirement, so a sustained rise in oil prices pressures the rupee, widens the trade deficit and squeezes margins for oil marketing companies, paints, aviation and tyres. The Nifty 50 opened about half a percent lower on Wednesday as the oil spike and firm dollar dented risk appetite. Upstream producers and gas companies, on the other hand, tend to benefit from higher realisations.

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Conclusion

Crude oil price today rose nearly 2 percent, with Brent at $75.54 and WTI at $71.81, after US strikes on Iran and fresh sanctions revived Middle East supply fears. The Strait of Hormuz remains the key risk to watch. Indian investors should track the rupee and oil sensitive sectors, and consult a SEBI registered advisor before repositioning portfolios.

Frequently Asked Questions FAQs

What is the crude oil price today, 8 July 2026?

Ans. Brent crude futures rose $1.38, or 1.9 percent, to $75.54 a barrel, while WTI crude climbed $1.37, or 1.9 percent, to $71.81 a barrel at 0128 GMT on 8 July 2026.

Why are oil prices rising today?

Ans. The US military launched airstrikes against Iran and reimposed crude sales sanctions, raising fears that the fragile truce is unravelling and Middle East supplies could be disrupted.

Why did the US strike Iran?

Ans. According to US Central Command, the airstrikes were in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz on Tuesday.

Why is the Strait of Hormuz important for oil markets?

Ans. The Strait of Hormuz is a key waterway through which a large share of Middle Eastern oil shipments passes to global markets, so any threat to traffic adds a supply risk premium to prices.

What is the MCX crude oil price today?

Ans. MCX crude oil July futures were trading around Rs 6,885 per barrel on the morning of 8 July 2026, up about 2.7 percent.

How do higher crude prices affect Indian stocks?

Ans. Higher crude pressures the rupee and hurts oil marketing companies, aviation, paints and tyres, while upstream oil producers can benefit. Investors should consult a SEBI registered investment advisor before acting on oil moves.