The ongoing US-Iran conflict continues to be a dominant factor influencing global energy markets, especially as of mid-July 2026. With reports surfacing on July 8, 2026, about the collapse of a ceasefire, the geopolitical landscape shifted dramatically, immediately impacting crude oil prices and fueling uncertainty about future supply. This renewed tension underscores the critical vulnerability of global economies to developments in the Middle East.
Our accompanying chart provides a detailed look at the daily average prices for both Brent Crude and WTI Crude oil from July 1 to July 10, 2026. A key takeaway is the significant price increases observed on July 8, 2026, directly following the news of the US-Iran ceasefire collapse. This data clearly illustrates the market's rapid and pronounced reaction to escalating geopolitical risks, with both major oil benchmarks reflecting the heightened concern.
For clarity, the data for this period is compiled from various reputable sources, including the EIA, Bignewsnetwork.com, Petroleum Daily Report, and CBC. It's important to note that for non-trading days like the July 4 and 5 weekend, and for the future dates of July 9-10, 2026, the chart uses the last available trading day's price as a placeholder, as real-time daily average data for these specific dates is not yet available.