Bloomberg
Oil Surges as US Strikes Targets in Iran Following Ship Attacks
Tuesday, July 7, 2026
Oil prices rose following US military strikes against Iran, which the US said were in response to attacks on shipping vessels in the Strait of Hormuz. Oil had already gained nearly 3% on Tuesday before the strikes occurred. The Strait of Hormuz is a critical global shipping route through which a significant portion of the world's petroleum passes.