Brent crude surges 4% to $77.36 a barrel after US strikes on Iran escalate West Asia tensions

US targets over 80 Iranian military sites, sending Brent crude soaring above $77 amid fresh fears of supply disruptions.

India rejects sanctioned Russian LNG amid West Asia energy crunch, China keeps buying. Representative Image: File/Reuters

FP Business Desk|Jul 08, 2026, 14:42:00 IST

Brent crude oil prices surged more than 4 per cent to $77.36 a barrel on Tuesday after the United States launched strikes on more than 80 Iranian military targets, escalating tensions in Western Asia and raising concerns over potential disruptions to oil shipments through the Strait of Hormuz. The military action followed Washington's accusation that Tehran attacked three commercial vessels operating in or near the strategic waterway, a claim Iran has denied. The sharp rise in oil prices renewed fears of tighter global supplies and weighed on investor sentiment worldwide.

First Published:Jul 08, 2026, 14:42:00 IST

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brent crude surges 4 to 77 36 a barrel after us strikes on iran escalate west asia tensions

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