Jamaine Punzalan

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, 2026.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/178347439391920260306-oil-price-hike-refueling-MT8.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on March 6, 2026.  Maria Tan, ABS-CBN News </span></span></span></div><p>The benchmark US oil contract increased more than 2.5 percent when markets opened Wednesday, as<a href="https://www.abs-cbn.com/news/world/2026/7/8/us-strikes-iran-after-hormuz-attacks-tehran-threatens-response-0920"> Mideast tensions rose with new US attacks on Iran.</a></p><p>West Texas Intermediate crude, one of the two major global benchmarks, was up 2.63 percent at $72.29 per barrel. It rose 2.76 percent on Tuesday.</p><p>The rise came after US forces launched strikes on Iran after three commercial vessels were attacked in the Strait of Hormuz, according to the US military.</p><div><a href="https://www.abs-cbn.com/news/world/2026/7/8/us-strikes-iran-after-hormuz-attacks-tehran-threatens-response-0920">US strikes Iran after Hormuz attacks, Tehran threatens response</a></div><p>Iranian state media reported numerous explosions around the strait, including six on the island of Qeshm, seven in the city of Sirik and more in the major port city of Bandar Abbas.</p><p>Oil prices are still well below the peaks they shot up to as the war began in late February and Iran largely shut down the Strait of Hormuz.</p><div><a href="https://www.abs-cbn.com/news/world/2026/7/6/funeral-procession-for-iran-s-slain-supreme-leader-khamenei-begins-state-media-1214">Khamenei funeral procession begins in Tehran as huge crowds expected </a><br/><a href="https://www.abs-cbn.com/news/world/2026/7/2/trump-upbeat-as-us-iran-hold-indirect-talks-in-qatar-0051">Trump upbeat as US, Iran hold indirect talks in Qatar </a></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/PD2osrMYvBo?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The benchmark US oil contract increased more than 2.5 percent when markets opened Wednesday, as Mideast tensions rose with new US attacks on Iran. </p>

The benchmark US oil contract increased more than 2.5 percent when markets opened Wednesday, as Mideast tensions rose with new US attacks on Iran.

Oil rises moderately as Mideast tensions spike again

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Oil rises moderately as Mideast tensions spike again

Agence France-Presse

Published July 08, 2026 09:35 AM PHT

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Updated July 08, 2026 09:40 AM PHT

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