Current Price of Oil as of July 8, 2026

Fortune | July 8, 2026

Summary

Brent crude oil was trading at $78.17/barrel at 8:30am ET on July 8, 2026, an increase of $4.88 in a single day. The price peaked above $80/barrel intra-day during the session. This represents a sharp reversal from the "glut thesis" that had driven prices below $70 just days earlier.

Key Data Points

Metric Value
Brent (July 8 AM) $78.17/bbl
Change vs. July 7 +$4.88 (+6.65%)
One month ago $97.77/bbl (−20.04%)
One year ago $70.87/bbl (+10.30%)

Analysis

Oil prices spiked sharply on July 8 following President Trump's declaration that the US-Iran MOU ceasefire was "over" and the US revocation of Iran's oil export license. The market repriced the geopolitical risk premium rapidly.

  • Trump declares MOU "over" at NATO summit
  • US revoked Iranian oil export license (General License X)
  • Iran struck 85 US military sites in Bahrain and Kuwait
  • Brent briefly above $80/bbl intra-day