Oil prices surge as US‑Iran tensions flare in the Strait of Hormuz

Global crude oil prices jumped sharply after renewed hostilities between the United States and Iran. West Texas Intermediate rose to about $85 per barrel and Brent crude exceeded $88, each posting monthly gains of over 20%.

Iranian Revolutionary Guard forces stopped two tankers attempting to leave the Strait of Hormuz and redirected four more, heightening fears of supply disruptions in the vital waterway that carries roughly one‑fifth of world oil trade. While some large tankers managed to pass the strait, the incidents have amplified market anxiety.

Investors are also watching the upcoming OPEC+ meeting scheduled for early August, where producers may consider adjusting output quotas from September onward. Analysts warn that continued geopolitical friction and transport bottlenecks could keep oil prices elevated for months.