Oil prices rise as US-Iran conflict closes Strait of Hormuz

Oil prices surged to multi-week highs on Wednesday, July 15, 2026, as renewed hostilities between the United States and Iran escalated, raising fears of a prolonged disruption to global energy supplies. The price of Brent crude rose to $86.19 per barrel, its highest level since June 12, while West Texas Intermediate climbed to $80.40, its highest since June 15. The rally followed a second consecutive day of gains driven by military strikes and the closure of a critical maritime chokepoint.

The immediate catalyst was a series of retaliatory actions. The U.S. military announced a fresh round of strikes early Wednesday aimed at degrading Iranian capabilities used to attack commercial shipping. This followed three consecutive nights of U.S. operations targeting Iranian coastal defense systems, missile sites, and maritime military assets. In response, Iran stated it had once again closed the Strait of Hormuz, a vital waterway through which roughly one-fifth of the world's oil and liquefied natural gas flows. Tehran also claimed drone attacks on U.S. positions at Jordan's Azraq base and targeted facilities in Bahrain and Kuwait, though these reports were not immediately verified by...