Oil prices rise sharply on US-Iran conflict and supply concerns

Oil prices jumped sharply in mid-July 2026 after military tensions between the United States and Iran grew worse. West Texas Intermediate crude rose above $79 per barrel, and Brent crude closed near $84. That was the biggest weekly rise since April. Prices had fallen around 30 percent during the second quarter, so this recovery was notable. Traders were worried about shipping through the Strait of Hormuz, a narrow waterway that carries about one-fifth of the world's oil supply. If ships cannot pass through safely, global oil supplies could fall quickly. Higher oil prices affect energy costs in many countries and can slow down economies that depend on cheap fuel.