Oil is back in focus as war risk returns and markets wait for today’s FOMC minutes.
Three tankers were reportedly hit by projectiles in or near the Strait of Hormuz.
A U.S. official said initial indications suggested Iran had fired at three commercial vessels.
The U.S. then reimposed sanctions on Iranian oil sales, cutting short a previous authorisation that had allowed Iranian oil sales until August 21, with a new wind-down deadline of July 17.
Oil prices rose more than 5% after the sanctions announcement.
WTI Crude July 8th, 2026 Analysis
Technically, WTI is bouncing from the lower boundary of its descending channel.
The first realistic retest area is 77-84, with more emphasis on 77 and 80 because those have been clearer “reaction points” historically.
If oil can push through 84, the next area to watch is around 88. But, oil probably needs another catalyst to move much higher.
Here's why:
