On July 22, 2026, global oil prices experienced a sharp increase following renewed military exchanges between the United States and Iran. Brent crude climbed significantly, exceeding 95 dollars per barrel in some reports, while West Texas Intermediate (WTI) prices rose to over 88 dollars. This volatility follows U.S. strikes on military targets in southern and western Iran, which prompted retaliatory attacks by Iranian forces against American installations in Bahrain, Kuwait, and Jordan. Additionally, Kuwait reported the interception of Iranian drones.

The conflict has stoked fears of a potential long-term disruption in regional hydrocarbon exports. The situation is further complicated by threats from the Houthi movement in Yemen to target maritime shipping, raising concerns about the security of global energy supplies. European natural gas prices also surged, with the TTF benchmark rising to 62.62 euros per megawatt-hour, marking a substantial increase throughout 2026.

While oil prices had reached a five-week high on July 21, the subsequent escalations throughout the night and into July 22 pushed values to levels not seen in six weeks. Market participants remain anxious as the exchange of fire between the two nations continues to create uncertainty for global energy markets.