Archive · 23 Jul 2026
Crude oil prices rise amid US-Iran tensions
Crude oil prices have gone up because of fighting between the US and Iran.
The US has been attacking Iran, and Iran says it controls an important area for oil ships called the Strait of Hormuz.
Meanwhile, a group called the Houthis, which supports Iran, is blocking ships in the Red Sea.
This has made people worried that oil supplies might be interrupted, which could make oil prices go even higher.
Some experts think oil prices could reach $100 per barrel if the situation gets worse.
But there's also some extra oil stored in the US, which might help keep prices from going up too much.
Crude oil prices reached a six-week high due to US-Iran tensions and Houthi attacks.
Brent crude futures rose to $96 per barrel, while US WTI crude gained to $88.27 per barrel.
Iran's Revolutionary Guards claimed control over the Strait of Hormuz, warning against ship movements.
Houthi rebels announced a naval blockade of Saudi Arabia and attacked Saudi oil tankers.
US crude oil inventories increased by 2 million barrels last week.
- Who
- US, Iran, Houthi rebels
- What
- Escalation in US-Iran conflict and Houthi attacks on oil tankers
- When
- 23 July
- Where
- Strait of Hormuz, Red Sea, Bab el-Mandeb Strait
- Why
- Geopolitical tensions and potential supply disruptions
Supply Disruption Concerns
Market Fundamentals
Supply Disruption
Supply Disruption Concerns
The conflict in the Strait of Hormuz and Red Sea could lead to significant supply disruptions, driving prices higher.
Market Fundamentals
Crude oil inventories in the US increased by 2 million barrels last week, which could temper price increases.
- Brent Crude Price
- $96 per barrel
- US WTI Crude Price
- $88.27 per barrel
- US Crude Inventories Change
- +2 million barrels
- Strait of Hormuz Status
- Claimed to be 'completely closed' by Iran's Revolutionary Guards
- Houthi Blockade
- Naval blockade of Saudi Arabia announced