Archive · 23 Jul 2026
Oil Prices Surge Amid US-Iran Tensions
Oil prices have gone up a lot because of fights between the US, Iran, and a group called the Houthis.
The US and Iran are arguing over who controls an important waterway called the Strait of Hormuz, where a lot of oil ships go.
The Houthis are also causing problems by attacking oil tankers in another important area called the Bab el-Mandeb Strait.
The US has been bombing Iran for 12 nights in a row, and Iran says it controls the Strait of Hormuz.
The Houthis want to stop ships from going to Saudi Arabia.
All of this fighting is making oil prices go up because it's harder to get oil to where it needs to go.
Brent crude prices rose to $96 per barrel, the highest in over six weeks.
US West Texas Intermediate crude increased to $88.27 per barrel.
US military conducted 12 consecutive nights of airstrikes on Iran.
Iran's Revolutionary Guards claim control of the Strait of Hormuz, warning no tankers can pass without coordination.
Houthis targeted Saudi oil tankers and announced a naval blockade of Saudi Arabia.
- Who
- US, Iran, Houthis
- What
- Escalation of tensions leading to increased oil prices
- When
- July 23, 2026
- Where
- Strait of Hormuz, Bab el-Mandeb Strait, Red Sea
- Why
- Military actions and threats disrupting oil supply routes
US and Allies
Iran and Houthis
Control of Strait of Hormuz
US and Allies
The US and its allies aim to keep the Strait of Hormuz open for international shipping and oil tankers.
Iran and Houthis
Iran's Revolutionary Guards claim control of the Strait of Hormuz, stating it is 'completely closed' and warning that no tanker can enter or leave without coordination with Iran.
Military Actions
US and Allies
The US has conducted multiple airstrikes on Iranian targets in response to attacks on shipping in the Strait of Hormuz.
Iran and Houthis
Iran and the Houthis have carried out attacks on oil tankers and threatened to target vessels carrying Saudi oil, aiming to disrupt global energy supplies.
- Brent Crude Price
- $96 per barrel
- US West Texas Intermediate Crude
- $88.27 per barrel
- US Crude Stocks Change
- Increased by 2 million barrels
- Houthi Targets
- Saudi oil tankers in the Bab el-Mandeb Strait
- US Military Actions
- 12 consecutive nights of attacks on Iran