Oil prices rise amid US-Iran tensions and Strait of Hormuz conflict

On July 20, 2026, global oil prices surged to over-one-month highs as military tensions between the United States and Iran escalated. Brent crude reached approximately $90.50 per barrel, while West Texas Intermediate (WTI) climbed to around $86.46, following reports of a vessel fire in the Strait of Hormuz. The United States military confirmed it has conducted airstrikes against Iranian targets for nine consecutive nights. Iran's Revolutionary Guards reported that two oil tankers were disabled by explosions in the southern part of the Strait, though this has not been independently verified. Tehran has labeled the route unsafe and accused the U.S. military of encouraging ships to use it. Additionally, reports indicate that Kuwait and Bahrain have experienced new Iranian attacks. Analysts from ING warn that the ongoing crisis in the Persian Gulf threatens to destabilize energy supplies further, noting that natural gas prices in Europe have also seen significant weekly increases.