Crude oil prices moved slightly higher in early trading on Wednesday, July 22, 2026, as escalating tensions in the Middle East heightened concerns over potential disruptions to global energy supplies, as per news reports.
Investors remained cautious following another round of US military strikes on Iranian targets and reports of Iranian drone attacks in the region.
Brent crude futures gained 0.55%, or US$0.50, to US$91.51 per barrel, while US West Texas Intermediate (WTI) crude rose 0.36%, or US$0.30, to US$84.64 during early trading.
Oil prices extended their gains after the US military confirmed it had launched strikes on Iranian military targets for the 11th consecutive night.
The latest attacks followed reports from Kuwait that its air defence systems had intercepted Iranian drones.
The conflict has intensified after Iran targeted US facilities in Bahrain, Kuwait and Jordan, raising fears that prolonged hostilities could disrupt oil production and transportation across the region.
Markets are also monitoring developments around key global shipping routes. Yemen's Iran-backed Houthi group has threatened to target vessels carrying Saudi crude through the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia.
The Bab el-Mandeb waterway has become increasingly important for Saudi oil exports as traffic through the Strait of Hormuz has declined following the collapse of the US-Iran ceasefire earlier this month. Any disruption along these routes could tighten global oil supplies further.
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As per the news reports, market participants are awaiting official inventory data from the US Energy Information Administration (EIA).
Ahead of the release, data from the American Petroleum Institute indicated that US crude oil and distillate inventories increased last week, while gasoline stockpiles declined.
Also, US Defence Secretary Pete Hegseth stated that the country's military operations in Iran have now cost approximately US$37.5 billion.
Crude oil prices remain supported by escalating geopolitical tensions and concerns over supply disruptions in the Middle East. However, inventory data and further military developments are likely to determine the market's near-term direction.
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Published on: Jul 22, 2026, 7:56 AM IST
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