Oil prices surge amid Middle East conflict escalation

On July 22, 2026, global oil prices experienced a significant increase due to escalating tensions in the Middle East. Brent crude for September delivery rose to $95.02 per barrel, marking a 4.41% increase, while West Texas Intermediate climbed to $88.16 per barrel. Reports indicate the conflict involves recent U.S. airstrikes against targets in Iran, followed by retaliatory Iranian attacks against U.S. facilities in Bahrain, Kuwait, and Jordan. Additionally, Houthi forces have threatened to target Saudi Arabian oil shipments and declared a naval blockade near the Bab el-Mandeb Strait. While some sources report Brent prices at $92.29 following earlier strikes, the most recent data confirms prices exceeding $95 per barrel for the first time in six weeks. Market concerns focus on the potential for long-term disruptions to hydrocarbon exports from the region. Military activities, including Kuwaiti air defense interceptions of drones, have further intensified geopolitical instability.