Oil prices cross $80 a barrel amid US-Iran tension
Published: 15 July 2026, 2:37:33
Collected Photo
Global crude oil prices have surged past $80 per barrel due to prolonging US-Iran military tension. President Donald Trump has put a sanction on Iranian sea ports while Iran launched fresh strikes on US military infrastructures around the Middle East.
On Wednesday (July 15), Brent crude, the international benchmark, rose by $1.46 or 1.72 per cent. It reached $86.19 per barrel. Meanwhile, US West Texas Intermediate (WTI) increased by $1.11 or 1.4 per cent. It is now trading at $80.40 per barrel.
Oil prices spiked early Wednesday morning immediately after the fresh military escalations. The confrontation between the two powers has sparked severe fears of global fuel supply disruptions.
If the conflict intensifies and energy infrastructures are damaged, prices may cross $100 soon. Vessels around the Strait of Hormuz are under serious threat.
Strait of Hormuz handles major global oil and liquefied natural gas (LNG) shipments. It remains the primary driver behind the current price hike.
The latest military actions have pushed a fragile June ceasefire to the brink of collapse. Hours after Washington announced the port sanctions; Iran launched retaliatory drone and missile attacks.
Iranian strikes targeted US military bases and key facilities in Bahrain, Jordan, and Kuwait. This direct clash has triggered an immediate impact on global energy prices.
