Oil hits one-month high over Hormuz tensions

Brent surges to $84.54 as renewed attacks heighten supply fears

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Reuters July 15, 2026 1 min read

Oil hits one-month high over Hormuz tensions

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NEW YORK:

Oil prices rose to a one-month high on Tuesday after the US reimposed a naval blockade on Iran and as renewed attacks between Washington and Tehran heightened concerns over energy flows through the Strait of Hormuz.

Before the Iran war, about 20% of global oil supplies flowed through the strait. Keeping price gains in check, however, were concerns that higher energy prices could boost inflation around the world and ultimately reduce economic growth and demand for oil. Brent futures rose $1.24, or 1.5%, to $84.54 per barrel at 1:21 pm EDT (1721 GMT). US West Texas Intermediate (WTI) crude rose 88 cents, or 1.1%, to $79.02. For the second straight session, Brent was on track for its highest close since June 12 and WTI for its highest close since June 15. Brent was also in technically overbought territory for the second straight session.

"The resumption of attacks between the US and Iran is accelerating this week and will likely continue given the additional US bombing overnight that followed reinstatement of a US blockade of the Strait of Hormuz," analysts at energy advisory firm Ritterbusch and Associates said in a note.

US President Donald Trump stepped back from a proposal to charge a 20% fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.

US forces had carried out waves of attacks for the third night after Tehran said it had closed the strait. Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee. Hours before the fee was to take effect, Trump said the strait was open to all shipping traffic except that of Iran. After that comment, US crude futures briefly turned negative on Tuesday morning. Prices recovered on reports that one Indian crew member was killed and eight others were wounded when Iranian cruise missiles struck two Emirati oil tankers.