Oil prices rise for 4th day as US strikes on Iran raise fears of wider conflict
Oil prices remain near one-month highs as U.S. military strikes on Iran and a naval blockade heighten fears of supply disruptions in the Strait of Hormuz. Analysts warn that continued conflict could push prices toward $100 per barrel.
Why it matters
Energy market volatility directly impacts global inflation and economic stability, particularly during geopolitical crises.
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, June 18, 2026. REUTERS/Stringer
July 16 : Oil prices eased on Thursday as traders weighed escalating tensions between the United States and Iran and the risks to oil supplies moving through the Strait of Hormuz.
Brent crude futures were down 27 cents, or 0.32 per cent, to $84.68 a barrel at 1011 GMT, while U.S. West Texas Intermediate futures were down 11 cents, or 0.14 per cent, to $79.49 a barrel. Both contracts remain close to one-month highs.
"The market is still reacting with a surprising degree of calmness," said Ole Hvalbye, market analyst at SEB Research.
"It seems reasonable that prices could continue to climb towards $90-$95 and maybe even touch the $100 mark again and that is because the Strait of Hormuz is repeatedly being disrupted, creating uncertainty over oil flows from the Gulf."
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