Brent oil prices went up 99 cents, or 1.2%, to $85.72 per barrel.
BY Mahnoor | 15-07-2026
Oil prices kept rising on Wednesday because President Donald Trump brought back a naval blockade on all Iranian ports, and Iran attacked US infrastructure in the area.
Brent oil went up 99 cents, or 1.2%, to $85.72 per barrel. West Texas Intermediate oil increased 64 cents, or 0.8%, to $79.98 per barrel.
Oil prices went up 2% to the highest level in a month on Tuesday. This happened because attacks made a supply problem worse in the Strait of Hormuz. Before the US-Israel war with Iran started, about one-fifth of the world’s oil and liquefied natural gas passed through that strait.
Priyanka Sachdeva, a senior market analyst at Phillip Nova, said: ‘While there is still enough oil supply right now, if the situation gets worse in the Strait of Hormuz or if there are more sanctions on Iranian oil exports, it could quickly change how the market feels and add extra costs for risk.’
On Wednesday morning, the US started new attacks to weaken Iran’s ability to attack ships in the Strait of Hormuz, the US military said.
Iran says it has closed the strait again after the US and Iran restarted fighting last week, breaking a fragile peace from June.
“I’ll leave the energy goals for the end, but in the end we will meet the energy goals,” Trump told Fox News in an interview that aired Tuesday night on ‘Special Report with Bret Baier.’
Iran’s army said early Wednesday that it had used drones to attack US positions at Jordan’s Azraq base. The Pentagon did not immediately comment.
Iran’s Islamic Revolutionary Guard Corps said they attacked weapons and storage places in Bahrain and Kuwait. Reuters could not quickly check the reports.
The recent increase in fighting has raised doubts that an agreement signed last month would lead to a lasting stop to the war, which has affected Iran’s neighbors.
Tim Waterer, chief market analyst at KCM Trade, said oil prices could reach $100 soon if fighting gets worse and hurts Gulf energy equipment. He said Brent prices might stay at $75-$80 per barrel if talks help reopen the strait.
He added that the risk is still there, but not a sure bet because both sides have reasons to seek a peace plan.
Also watch this :
Leave a comment