WTI rises 4.16% to $73.37 as Iran deal risk lifts Brent to $77.30

WTI rose 4.16% to $73.37 a barrel and Brent gained 4.23% to $77.30 at 1231 GMT on July 8, according to a Reuters report carried by Yahoo Finance. Both benchmarks touched their highest levels since June 22, making this a commodity-shock story rather than a routine market recap.

The catalyst was a renewed Iran supply-risk premium. President Trump said the memorandum of understanding to end the conflict with Iran was “over,” while the previous session had already seen crude rise about 3% after the U.S. revoked a general license authorizing the sale of Iranian crude. The price action links a clear geopolitical event to an immediate move in energy markets.

The market stake is broader than front-month crude. A 4% oil move feeds into airline fuel costs, freight rates, chemical margins, inflation expectations, and the earnings setup for integrated producers and refiners. Yahoo Finance’s market screen at the time also showed U.S. equity-index futures lower, underscoring that the oil reaction was being read as a cross-asset risk event.

The next figures to watch are shipping flows near the Strait of Hormuz, any additional U.S. sanctions language, OPEC+ production guidance, and the next U.S. commercial crude inventory report. If Brent holds in the high $70s, July inflation assumptions and fuel-cost guidance will need another look. If negotiations reopen or physical disruption fails to appear, the risk premium can fade quickly.