Oil Surges on Iran Tensions as Gold Holds Near Highs
Oil prices surged 5 to 6 percent on July 10, 2026, as the fragile US-Iran ceasefire officially collapsed, sending WTI crude to $72.08 per barrel and Brent to $76.33. Meanwhile, gold slipped modestly to $4,123 per ounce and silver dropped more sharply to $60.54, as markets rotated toward energy. What Triggered the Spike President Trump declared the interim Iran deal "over" on July 7-8, following Iranian attacks on US Gulf bases and tankers in the Strait of Hormuz. New US airstrikes followed, ending the 60-day truce that had briefly calmed energy markets. At the heart of the disruption: the Strait of Hormuz, through which approximately 20% of global oil previously transited. With Iranian threa…
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