Eight Iranian military personnel killed in US strikes; oil tops $80 after fresh escalation
&imwidth=600&imheight=450&format=webp&quality=medium "Eight Iranian military personnel killed in US strikes; oil tops $80 after fresh escalation")
A woman reacts while another holds a picture of the late Iranian supreme leader Ayatollah Ali Khamenei near the shrine of Imam Hussein in the Iraqi holy city of Karbala on July 8, 2026. Photograph: (AFP)
Oil prices climbed above $80 a barrel for a brief period on Wednesday while stock markets fell after US President Donald Trump said the ceasefire with Iran was over following fresh military action in the Middle East.
The latest US strikes on southern Iran killed eight military personnel, Iranian state television reported on Wednesday. The strikes were part of a large-scale US operation targeting more than 80 sites across Iran after Washington accused the Islamic Republic of attacking three merchant ships near the Strait of Hormuz, a vital global shipping route. While the US military said the operation was a response to Iranian aggression, Tehran warned it would take all necessary measures to defend its national interests.
"Following the criminal aggression carried out this morning by the US terrorist army against areas in southern Iran, eight courageous members of the air and naval forces of the Islamic Republic of Iran's military in Bandar Abbas (south) and Bushehr (southwest) fell as martyrs," state television said, citing a statement from the military as per AFP.
Also Read: 'We'll hit them hard tonight': Trump vows fresh Iran strikes after declaring ceasefire 'over'
Oil and stock markets react to renewed tensions
Oil prices climbed above $80 a barrel for a brief period on Wednesday while stock markets fell after US President Donald Trump said the ceasefire with Iran was over following fresh military action in the Middle East.
The latest escalation began after Iran targeted three ships in the Strait of Hormuz, a crucial shipping route that carried about one-fifth of the world's oil before the conflict.
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Speaking at the NATO summit in Turkey, Trump said the ceasefire was "over" but indicated that further talks could still take place.
His remarks triggered a fresh reaction in financial markets, with oil prices rising again after retreating close to pre-war levels in recent days.
The international benchmark Brent North Sea crude rose 8 per cent to $80.12 per barrel around 1520 GMT before giving back part of its gains.
At the same time, the US benchmark WTI for August delivery increased 7.7 per cent to $75.83 per barrel.
Fears that the Strait of Hormuz could close again also pushed global stock markets lower.
However, later on Wednesday, Trump said he expected the latest military flare-up with Iran to end quickly.
"I think anything that happens is going to be over very quickly and will only make it safer, including for oil... Anything that happens is going to happen very fast. We're not looking for long-term," he said at the end of a two-day NATO summit in Ankara.
