Business

Oil Prices Surge Amid U.S.-Iran Tensions

Updated 2026-05-08 01:00 UTC 2 sources Neutral

Oil prices surged on Friday following a renewed exchange of rhetoric between the U.S. and Iran in the Strait of Hormuz, threatening the fragile ceasefire that had been holding since March.

Coverage timeline — 2 articles

CNBC

Oil resumes rally as U.S.-Iran fire exchange rattles fragile Hormuz ceasefire

Oil prices jumped on Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries is rapidly unraveling.

2026-05-08 00:56 UTC

MarketWatch

Oil futures rise after U.S., Iran trade fire; stock futures quiet after court rejects Trump’s tariffs

Oil futures moved higher late Thursday while stock-index futures were little changed after the U.S. and Iran exchanged fire in the Persian Gulf, and after a federal court struck down President Donald Trump’s backup tariff plan.

2026-05-07 23:34 UTC