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Oil prices rise to five-week high on US-Iran attacks, Houthi blockade threat

Oil prices rise to five-week high on US-Iran attacks, Houthi blockade threat

By Scott DiSavino NEW YORK, July 21 (Reuters) - Oil prices climbed about 2% on Tuesday to a five-week high, on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the U.S. and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthis.

U.S. Gas Prices Surge Above $4 Amid Iran Conflict and Market Pressures

U.S. Gas Prices Surge Above $4 Amid Iran Conflict and Market Pressures

The national average price for a gallon of regular gasoline in the United States has risen to $4.0030 as of July 20, 2026, according to AAA data. This increase is attributed to higher oil costs and market pressures, exacerbated by renewed hostilities in the Middle East and the effective closure of the Strait of Hormuz. The average price has increased by approximately 13 cents over the past week. The conflict between the U.S. and Iran has led to significant disruptions in oil supply, particularly affecting the West Coast, which relies heavily on Middle Eastern imports. President Trump has urged gas retailers to lower their prices and has announced that the Department of Justice will investigate alleged price gouging by U.S. oil majors, although industry representatives deny these allegations.

Oil Prices Surge Amid U.S.-Iran Tensions and Houthi Threats

Oil Prices Surge Amid U.S.-Iran Tensions and Houthi Threats

Oil Prices Surge Amid U.S.-Iran Tensions and Houthi Threats

Oil Prices Surge Amid US-Iran Tensions and Houthi Blockade Threats

Oil Prices Surge Amid US-Iran Tensions and Houthi Blockade Threats

Oil prices have risen to a five-week high due to escalating tensions between the U.S. and Iran, coupled with threats from Yemen's Houthi rebels to blockade Saudi Arabia. Brent crude futures increased by 2.4% to $91.34 per barrel, while U.S. West Texas Intermediate Crude rose by 2.2% to $85.03. The market is reacting to fears of further disruptions in the Middle East, a critical region for global oil supply. Recent U.S. military actions against Iranian targets and the Houthi threats have heightened concerns about energy security and trade routes, particularly in the Strait of Hormuz and the Red Sea.

Iranian forces target Bahrain and Kuwait after US hits Iran's south

Iranian forces target Bahrain and Kuwait after US hits Iran's south

By Jana Choukeir, Nayera Abdallah and Elwely Elwelly DUBAI, July 21 (Reuters) - U.S. forces bombed targets in southern Iran overnight after President Donald Trump said Tehran would pay dearly for the deaths of American soldiers, while Iran targeted U.S. sites in Bahrain, Kuwait and Jordan and a

Another tanker attacked in Strait of Hormuz as US strikes Iran for 10th consecutive night

Another tanker attacked in Strait of Hormuz as US strikes Iran for 10th consecutive night

The U.S. military said it ended its latest round of airstrikes targeting Iran as the nations vie for control of the Strait of Hormuz

Chip companies and other AI winners drag Wall Street lower again, while crude oil prices rise

Chip companies and other AI winners drag Wall Street lower again, while crude oil prices rise

Stocks of computer chip companies and other winners of the artificial-intelligence boom are turning back lower and dragging Wall Street with them

U.S. and Pakistan condemn Houthi Red Sea threats to shipping and Saudi Arabia

U.S. and Pakistan condemn Houthi Red Sea threats to shipping and Saudi Arabia

The United States and Pakistan have rejected threats by Yemen’s Houthi rebels against Saudi Arabia and shipping in the Red Sea

Israel says Iran launches missiles toward Jordan and warns fire could spill over

Israel says Iran launches missiles toward Jordan and warns fire could spill over

Israel's military says Iran has launched missiles toward Jordan, warning that the conflict could spill over its borders

US bombing of Iran expands as Tehran retaliates against the Gulf states

US bombing of Iran expands as Tehran retaliates against the Gulf states

The United States has conducted a new round of airstrikes targeting Iran after announcing the death of another American service member

U.S.-Iran Strikes Impact Oil Prices Amid Strait of Hormuz Tensions

U.S.-Iran Strikes Impact Oil Prices Amid Strait of Hormuz Tensions

The ongoing military conflict between the U.S. and Iran has significantly impacted global oil prices, primarily due to tensions surrounding the Strait of Hormuz. This strategic waterway, through which approximately 20% of the world's daily crude oil supply passes, has become a focal point of geopolitical risk. Iran's Islamic Revolutionary Guard Corps Navy has been actively stopping vessels attempting to transit the strait without authorization, leading to reduced tanker throughput and increased maritime insurance premiums. Additionally, recent attacks on Kuwaiti oil facilities and power infrastructure have introduced further production-side risks. The collapse of an interim ceasefire has exacerbated market uncertainties, forcing participants to price for a prolonged conflict. As a result, crude oil prices have surged, with Brent crude reaching approximately $88 per barrel and WTI crude experiencing a 4.48% single-day increase.

Brent Oil Prices Surge Above $90 Amid Escalating US-Iran Tensions in the Middle East

Brent Oil Prices Surge Above $90 Amid Escalating US-Iran Tensions in the Middle East

Brent oil prices have surged past $90 per barrel as tensions between the United States and Iran escalate in the Middle East. The increase in oil prices is attributed to the ongoing hostilities that have restricted oil shipments through the Strait of Hormuz, a critical passage for global oil trade. Brent crude futures rose by 2.37% to $90.19, marking the highest level since June 11, while U.S. West Texas Intermediate crude also saw a significant rise. The conflict has intensified with the U.S. conducting multiple nights of attacks against Iran, and reports of Iranian strikes on U.S. allies such as Kuwait and Bahrain. The situation has led to concerns over the security of oil shipments, with incidents of oil tankers being immobilized and reports of a vessel on fire near Oman.