Oil prices rise to six-week high as US-Iran tensions escalate
Oil prices have surged to a six-week high following escalating military conflicts between the United States and Iran, including strikes in the Red Sea and the Strait of Hormuz. Tensions have intensified as Iran threatens to close key shipping lanes in response to US military actions.
Why it matters
Disruptions in the Strait of Hormuz and the Red Sea pose a significant threat to global energy supply chains and could lead to sustained inflation.
An oil tanker docks at Keelung Port in Keelung, Taiwan, Apr 19, 2026. (File photo: REUTERS/Edgar Su)
Oil prices rose more than 1.5 per cent to their highest in more than six weeks on Thursday (Jul 23), with the United States launching a new round of strikes on Iran and Yemen's Houthis targeting oil tankers in the Red Sea.
Brent crude futures rose US$1.93, or 2 per cent, to US$96 by 12.11am GMT, the highest since Jun 8. It had settled over US$3 higher at US$94.07 in the previous session, just shy of a six-week high.
US West Texas Intermediate crude rose US$1.44, or 1.7 per cent, to US$88.27 after rising nearly 3 per cent on Wednesday.
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