Oil prices rise to one-month high amid US-Iran clash

Oil prices surged to their highest levels in a month on Tuesday, July 14, 2026, as renewed military clashes between the United States and Iran around the vital Strait of Hormuz reignited fears over global energy supplies. The escalation, which included a reinstated U.S. naval blockade and an Iranian missile attack on commercial tankers, sent Brent crude and U.S. West Texas Intermediate (WTI) benchmarks up by approximately 2 to 3 percent.

Brent futures settled at $84.73 per barrel, their highest close since June 12, while WTI crude settled at $79.34, a peak since June 15. The rally extended gains from Monday, when Brent recorded its largest single-day percentage jump since May 2020. The price increase was driven by the immediate threat to shipments through the Strait of Hormuz, a chokepoint for roughly one-fifth of the world's oil trade.

The latest flare-up began when the United States reinstated a naval blockade targeting Iranian shipping through the strait. President Donald Trump announced the move on Monday, July 13, and initially proposed charging a fee for protecting commercial vessels, though he later stepped back from that specific proposal. In response, Iranian forces...