Crude Oil Prices Surge as US-Iran Conflict Intensifies in the Middle East | July 20, 2026

Crude oil prices surged on Monday, July 20, 2026, after escalating military action between the United States and Iran heightened concerns over global energy supplies, as per news reports.  

Brent crude rose above the US$90 per barrel mark as investors reacted to increasing disruptions in the Strait of Hormuz, one of the world's most critical oil shipping routes. 

Brent crude futures gained US$2.69, or 3.05%, to trade at US$90.79 per barrel after touching their highest level since June 11, 2026.  

The benchmark had already rallied 15.9% last week, marking its strongest weekly performance since April 2026. Meanwhile, US West Texas Intermediate (WTI) crude advanced US$2.19, or 2.65%, to US$84.68 per barrel, reaching its highest level since 12 June. 

Middle East Conflict Raises Supply Concerns 

The latest rally followed a further escalation in the Middle East, with the United States carrying out a ninth consecutive night of attacks on Iran. At the same time, US allies Kuwait and Bahrain reported additional Iranian strikes, increasing fears of a prolonged regional conflict. 

Shipping activity has also come under pressure as both sides intensified actions affecting maritime trade. The United States said it is enforcing a naval blockade on Iranian ports, while Iran stated that it is targeting vessels it believes are violating its navigation rules in the Strait of Hormuz. 

The Strait of Hormuz typically handles around one-fifth of global oil trade, making any disruption a major concern for energy markets. 

Shipping Activity Slows in the Strait of Hormuz 

According to shipping data, only four vessels transited the Strait of Hormuz on Sunday, down from eight the previous day. Despite the slowdown, at least three oil product tankers and one Very Large Crude Carrier have entered the strait since Friday to load crude oil. 

Separately, the United Kingdom Maritime Trade Operations agency reported that a vessel was on fire northwest of Oman's Kumzar, adding to concerns over maritime security in the region. 

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Conclusion 

Crude oil prices remain firmly supported by geopolitical tensions and supply concerns in the Middle East. As developments around the Strait of Hormuz continue to unfold, investors are expected to closely monitor shipping activity and regional conflict for further direction in energy markets. 

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