Oil hits four-week high as US-Iran conflict escalates
Sunset clouds glow over pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau region, Kazakhstan, April 21, 2026. REUTERS/Pavel Mikheyev
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
July 14 : Oil prices rose on Tuesday to their highest in four weeks, after the U.S. reimposed a naval blockade of Iran and renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.
Brent crude rose to its highest since June 12 and WTI to its highest since June 16 – before the United States and Iran signed a memorandum of understanding to end the conflict on June 17.
Brent crude futures were up $3.17, or 3.81 per cent, at $86.47 per barrel at 0941 GMT, while U.S. West Texas Intermediate crude rose $2.15, or 2.75 per cent, to $80.29 a barrel.
“Despite signing the memorandum of understanding and having a deal, this did not last for even a few weeks. So that’s the concern the market is trying to price right now,” said ANZ analyst Soni Kumari.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
“What we think is that the peak of the escalation is behind us, but there are upside risks to oil prices if these disruptions continue and that will keep prices in the $85-$90 range.”
Hostilities between the United States and Iran intensified this week, as U.S. President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a 20 per cent fee to guard the Strait of Hormuz.
The waterway is a critical artery for global energy trade, carrying about a fifth of the world’s daily oil and liquefied natural gas supplies before the conflict began.
Amid the strikes, one Indian crew member was killed and eight others were wounded when two Emirati oil tankers were struck by Iranian cruise missiles in the Strait of Hormuz, the United Arab Emirates Ministry of Defence said.
Shipping data on Monday also showed the number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months.
Citi said in a note that the possibility of the Iranian regime walking away from the memorandum of understating until after the U.S. mid-term elections has also risen, a scenario which would most likely see higher for longer oil prices.
However, Iran’s oil exports are continuing as usual despite the cancellation last week of a 60-day waiver of U.S. oil sanctions, oil minister Mohsen Paknejad said on his official Telegram account.
Elsewhere, Yemen’s Houthi movement fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under its control on Monday.
“If the Houthis extend their attacks to Saudi’s crude products in the Red Sea, it could put (further) uncertainties on crude flows from the region,” Simon Wong, a portfolio manager at Gabelli Funds, said in a note.
Meanwhile, Ukraine’s military said on Tuesday that it struck two Russian oil refineries in the Bashkortostan and Krasnodar regions overnight.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
