Oil Prices Surge as Ceasefire Crumbles | Texas News

Texas News Today | 2 Min News | The Daily News Now! · Jul 8, 2026 · 1m

Oil prices surged over five percent as tensions between the U.S. and Iran reignited, with renewed attacks near the Strait of Hormuz triggering fears of a global energy shock. After U.S. strikes on Iranian targets and retaliatory drone and missile launches toward U.S. bases in Bahrain and Kuwait, markets braced for higher gas prices and broader economic fallout. Economists warn the breakdown could disrupt Asian supply chains, force tighter monetary policy, and even sway U.S. midterm elections. With global inventories at historic lows and security risks like mines still active, restoring normal…