Oil Retreats After Breakout Above June High Fails
Oil rose to $94.37 before falling to $92.30, with a false breakout above the June high. Geopolitical events failed to sustain gains.
2 h ago5 min read
Blasts reported on Iran's key oil island as crude tests highs
Reports of explosions on Iran's Kharg Island, a key oil export hub, as WTI crude tests July highs.
08/09/2026 19:012 min read
Mehr News has published a report stating the following:
- A Mehr correspondent stationed on Kharg Island reported that multiple explosions were heard across parts of the island a few minutes ago
- The blasts were audible from the Kharg anchorage area
This report comes from a regime-affiliated media outlet, so caution is warranted; the US has been carrying out strikes on Iranian vessels.
West Texas Intermediate crude settled $1.55 higher at $93.03, now testing the July peaks once more. Kharg Island is Iran's main oil export hub.
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