![](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/05\/1778221268_716_jp-1730786685-rotated.jpg\")
<\/a><\/p>\nPublished On 8 May 20268 May 2026<\/p>\n
Oil prices have jumped after clashes between United States and Iran in the Strait of Hormuz pushed their tenuous ceasefire to the brink.<\/p>\n
Futures for Brent crude rose as much as 7.5 percent during a volatile trading session on Thursday, before easing as Asia\u2019s markets opened on Friday morning.<\/p>\n
Recommended Stories list of 4 itemsend of list<\/p>\n
The international benchmark stood at $101.12 per barrel as of 03:00 GMT, down from the day\u2019s high of $103.70.<\/p>\n
The latest rise came after the US and Iran exchanged fire in the critical strait, a conduit for about one-fifth of global oil and natural gas supplies, despite the truce announced between the sides on April 7.<\/p>\n
US Central Command (CENTCOM) said it launched strikes on Iran after three US Navy guided-missile destroyers came under attack from Iranian missiles, drones and small boats in the strait.<\/p>\n
Iran\u2019s\u00a0Khatam al-Anbiya\u00a0Central Headquarters earlier accused the US of violating the ceasefire by attacking an Iranian oil tanker and another vessel\u00a0in the vicinity of the waterway.<\/p>\n
The Iranian military headquarters also accused the US of targeting civilian areas, including Qeshm Island.<\/p>\n
US President Donald Trump on Thursday appeared to downplay the clashes, saying the ceasefire remained in effect, while Iran\u2019s state-run Press TV said the situation had gone \u201cback to normal\u201d.<\/p>\n
Shipping in the strait has been at a near standstill since late February amid the threat of Iranian attacks on the massive oil tankers that usually transport much of the world\u2019s energy supplies.<\/p>\n
Brent prices are up about 40 percent compared with before the war amid an estimated shortfall in daily production of 14.5 million barrels.<\/p>\n
Asian stock markets opened lower on Friday amid the heightened tensions, with Japan\u2019s benchmark Nikkei 225, South Korea\u2019s KOSPI and Hong Kong\u2019s Hang Seng Index each falling more than 1 percent.<\/p>\n
On Wall Street, the benchmark S&P 500 fell about 0.4 percent overnight after hitting an all-time high the previous day.<\/p>\n","protected":false},"excerpt":{"rendered":"Brent crude rises amid clashes in critical waterway. Published On 8 May 20268 May 2026 Oil prices have…\n","protected":false},"author":2,"featured_media":655397,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,1686,49,48,46,4717,14380,44,32557],"class_list":["post-655396","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-business-and-economy","tag-ca","tag-canada","tag-economy","tag-energy","tag-financial-markets","tag-news","tag-oil-and-gas"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/655396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=655396"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/655396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/655397"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=655396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=655396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=655396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}