Oil prices rise as US strikes on Iran spark supply fears

Oil prices rose for a fourth consecutive day on Thursday, July 16, 2026, as renewed U.S. military strikes on Iranian targets heightened fears of a broader conflict and potential disruptions to global energy supplies through the critical Strait of Hormuz. Brent crude futures climbed 0.4% to $85.28 a barrel, while U.S. West Texas Intermediate crude gained 0.5% to $80.02, with both benchmarks hovering near one-month highs.

The latest price surge followed U.S. strikes on Iran's coastal defenses and missile installations on Wednesday, July 15, after Washington reinstated a naval blockade on Iranian ports. Iran responded by threatening to restrict additional regional energy exports, describing the confrontation with the United States as an "existential war." These hostilities reignited last week, ending a fragile truce that had been reached in June.

Market analysts said the escalating tensions are driving investor anxiety over supply security. The Strait of Hormuz, which handles approximately one-fifth of the world's oil and liquefied natural gas trade, has seen significant disruption, though traffic has not been completely halted. Hiroyuki Kikukawa, chief strategist at Nissan...