LONDON: Crude oil prices soared about 7 per cent on Wednesday after US President Donald Trump threatened fresh strikes against Iran, which could lead Tehran to close the Strait of Hormuz to ship traffic again.

Before the US war with Iran about 20pc of global oil supplies passed through the waterway.

Brent futures rose $4.91, or 6.6pc, to $79.07 a barrel, while US West Texas Intermediate (WTI) crude rose $4.27, or 6.1pc, to $74.71. That would be the biggest daily percentage gains for both crude benchmarks since April and puts Brent on track for its highest close since June 19 and WTI on track for its highest close since June 18.

Published in Dawn, July 9th, 2026