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macroJul 9, 2026, 6:25 AM

Oil Back in Driver's Seat as Middle East Tensions Escalate

Middle East tensions flare up after Trump declares ceasefire over and US continues bombing Iran, putting oil back in focus for markets.

Geopolitical risk is back on the radar as Middle East tensions intensify. US President Donald Trump has declared the ceasefire over, and the US military continues its bombing campaign against Iran, according to a Telegram post. The renewed conflict is pushing oil back into the driver's seat as a key market mover.

Traders should watch for potential volatility in crude oil prices and related FX pairs as the situation develops. The post did not specify further details on the scale or duration of the operations.

Source: FXStreet Forex News