ReportedShipping, energy & marketsNew York, United States
Oil jumps 6% as Trump declares the deal over, then holds near $77
- Mountain Time
- Local time
- 5:00 AM in New York
- Where
- New York, United States
Brent rose 6% to about $78 a barrel after Trump said the deal with Iran was over, up from $71.80 at the end of the previous week. On July 9 it eased 0.7% to $77.45, and it ended the week at about $76, while the average U.S. gasoline price rose 5 cents overnight to $3.85, according to AAA.
Why it matters
The jump ended a steady fall in fuel prices that had followed the memorandum; Brent had dropped below its pre-war level two weeks earlier.
Sources (7)
- Associated Press marketsapnews.comPublished
- Associated Press fuel pricesapnews.com
- CNBCcnbc.com
- Al Jazeeraaljazeera.com
- Al Jazeera live blogaljazeera.comPublished
- The Guardian live blogtheguardian.comPublished
- CNN live updatescnn.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels
Correction
- Corrected the time from 8:00 AM New York time, Jul 9, 2026 to 5:00 AM New York time, Jul 8, 2026; corrected the headline (it read "Oil risk premium returns below USD 80 Brent"); revised the summary; revised the context note; corrected the location from New York energy markets to New York, United States; reclassified it from market to energy-markets; updated the sourcing note; merged 2 duplicate entries into this one ("Oil steadies below USD 78 after strike shock", "Brent holds above USD 76 as the waiver window shrinks"); added 3 sources: Al Jazeera live blog, The Guardian live blog, CNN live updates; removed Trading Economics Brent crude as a source (a live price page, not a dated report). Why and evidence