US strikes on Iran push oil over 8%, Brent $80

Business Jul 14, 2026

Oil prices shot up over 8% on Friday after fresh US military strikes on Iran, with Brent crude topping $80 a barrel.

The spike comes from worries that tensions in the Middle East, a major source of the world's oil, could mess with supply.

President Trump also formally notified Congress about the strikes, adding to the global uncertainty.

Strait of Hormuz prompts safe-haven buying

A lot of eyes are now on the Strait of Hormuz, a narrow waterway that handles nearly 20% of all global oil shipments.

Any trouble here could make oil even pricier and shake up markets.

With prices jumping, investors are leaning into safer bets like gold and US dollars.

Experts say if this conflict drags on, we could see more wild swings in energy prices ahead.