The Kobeissi Letter — July 8, 2026 Market Alert¶
The Kobeissi Letter | July 8, 2026
Summary¶
The Kobeissi Letter — a widely followed commodity and macro markets letter — reported Brent crude officially returning above $80/barrel following President Trump's declaration that the US-Iran MOU was "over." The letter also covered the sharp market reaction: US stock futures falling, gold plunging, and oil surging as the geopolitical risk premium re-emerged dramatically.
Key Market Moves (July 8)¶
| Asset | Move |
|---|---|
| Brent Crude | Back above $80/bbl |
| S&P 500 Futures | −1.0% |
| Nasdaq 100 Futures | −1.5% |
| Dow Jones Futures | −1.3% |
| WTI Crude | +5.0% |
| Gold | −2.5% |
Quote¶
"It's official: In a sudden turn of events, Brent crude oil prices are back above $80/barrel."
Context¶
The Kobeissi Letter had been tracking the oil market throughout the crisis:
- Pre-war: $70–72/bbl
- Peak: $126/bbl
- MOU/ceasefire: rapid fall to $69–73
- July 8: surge back above $80
This was the first time since the MOU signing that Brent was above $80. The letter characterized this as a sudden reversal rather than a gradual repricing.