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Fri, 08 May 2026

Fri, 08 May 2026 Oil prices rise after US and Iran exchange fire in Hormuz strait

US President Donald Trump said the ceasefire between Washington and Tehran is still in place.

* Oil prices rose by 1.5% in Asia due to US and Iran exchanging fire in the Strait of Hormuz
* Global oil benchmark Brent reached $101.60 (£74.50) a barrel, while US-traded oil was up 1.1% at $95.87
* The US military intercepted what it called "unprovoked" Iranian attacks, including missiles and drones, on its ships
* Iran accused the US of violating the ceasefire by targeting its ships and coastal areas
* President Trump said negotiations with Iran are ongoing, but warned that if a deal is not reached, Tehran will face consequences
* Traders view the ceasefire as fragile, leading to concerns about further military action in the region.