Global oil markets reacted with a sharp price spike amid geopolitical tensions in the Persian Gulf. On Tuesday, black gold prices rose by more than 3%, continuing an upward trend after Washington officially revoked the license that allowed the sale of Iranian oil.
Sharp Rise in Brent and WTI Quotes
According to trading platforms, on July 7, Brent crude futures rose by $2.17, representing a 3.01% increase. The barrel price reached $74.16. However, according to the latest data, the price has already surpassed the psychological barrier of $75 per barrel.
The American benchmark — West Texas Intermediate (WTI) crude — also showed steady growth. The contract price increased by $1.89 (+2.76%), settling at $70.44 per barrel.
Latest Trading Data
Market momentum did not slow down even after the official close of the exchange. During evening trading, the global Brent index rose another 96 cents, reaching $75.12. WTI crude jumped by $1.05, setting the price at $71.49 per barrel by 15:00 Eastern Time.
Causes of Escalation: License Revocation and Tanker Attacks
The key driver of the rise was the news of the US revoking the general license that previously allowed a number of countries to legally purchase Iranian oil. This decision was a retaliatory measure following a series of incidents in the Strait of Hormuz.
The situation intensified on Tuesday when three tankers, including a Qatari gas carrier, were attacked in the strait. Qatari authorities stated that the vessel was struck by an Iranian drone. In response, the US warned that Iran's actions in this strategically vital waterway are "completely unacceptable" and will inevitably lead to serious consequences.
