Crude oil prices moved higher on Friday, July 17, 2026, as escalating military action between the United States and Iran heightened concerns over global oil supplies, as per news reports. Markets remained focused on disruptions around the Strait of Hormuz and the possibility of further supply risks if the Red Sea shipping route is also affected.
Brent crude futures gained US$1.05, or around 1.25%, to US$85.28 a barrel, while US West Texas Intermediate (WTI) crude futures rose US$1.03, or 1.3%, to US$79.98 a barrel. Both benchmarks recovered losses from the previous session and extended their strong weekly performance, with Brent up nearly 12% this week.
Tensions escalated after the United States launched two major waves of air strikes on targets near Iran's southern coast, marking a significant intensification in military operations. The strikes continued for a sixth consecutive night as Washington sought to weaken Iran's military capabilities.
Iran responded by launching missiles and drones targeting US military bases in neighbouring countries, including attacks on a recently expanded air base in Jordan. The renewed conflict has increased fears of prolonged instability across the Gulf region, a critical hub for global energy supplies.
Adding to market anxiety, reports indicated that Iran had instructed its Houthi allies to prepare for the possible closure of the Red Sea oil export route if US strikes target Iranian power infrastructure. Such a move could significantly disrupt global shipping and further tighten oil supplies.
The ongoing disruption to oil flows through the Strait of Hormuz has also reinforced concerns over supply security, keeping traders cautious.
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As per news reports, International Energy Agency Executive Director Fatih Birol warned that oil security remains a major concern and said the situation could worsen if tensions fail to ease in the coming weeks.
Escalating geopolitical tensions in the Middle East continue to dominate oil market sentiment. With risks surrounding both the Strait of Hormuz and the Red Sea, crude oil prices are likely to remain volatile as investors closely monitor further military and diplomatic developments.
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Published on: Jul 17, 2026, 8:10 AM IST
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