Oil prices rose sharply on Wednesday, July 15, 2026, following renewed hostilities between the United States and Iran. President Donald Trump reimposed a naval blockade on all Iranian ports, prompting Iran to launch retaliatory strikes on US infrastructure in the region.

Brent crude oil closed at $86.19 per barrel, up $1.46 or 1.72%, marking its highest level since June 12. West Texas Intermediate (WTI) also increased by $1.11 or 1.4% to $80.40 per barrel, reaching its highest since June 15 and continuing to rise in early Wednesday trading.

Oil prices had already closed up 2% to a one-month high on Tuesday as attacks intensified supply disruptions in the Strait of Hormuz, a critical passage where about one-fifth of the world’s oil and liquefied natural gas transited before the war.

The US military announced a fresh round of strikes early Wednesday aimed "to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz." Tehran claims it has again closed the strait after hostilities reignited last week, undermining a fragile truce reached in June.

In an interview aired Tuesday night on Fox News' "Special Report with Bret Baier," President Trump stated, "I'll save the energy targets for last, but ultimately we'll hit energy targets."

Iran's army reported launching drone attacks against US positions at Jordan's Azraq base. Additionally, Iran's Islamic Revolutionary Guard Corps claimed to have targeted weapons and storage facilities in Bahrain and Kuwait.

Tim Waterer, chief market analyst at KCM Trade, commented on the situation, saying, “The chances of oil moving back toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf,” while noting Brent prices could stabilize between $75-$80 a barrel if diplomatic efforts succeed in reopening the strait.

Sources