Oil Prices Surge to 6-Week High as US-Iran War Escalates
에너지/원자재 | Thu Jul 23 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 9 sources
Brent crude broke past $95 amid Strait of Hormuz blockade fears and Houthi attacks on Saudi tankers, triggering a global supply chain crisis.
Analysis
[Brent Crude] surged near $95 per barrel to a 6-week high [1][6]
- September Brent contract closed at $94.07 after a 5% surge
- Fourth consecutive trading day of gains
- Up more than 20% this month
- Highest level since June 8
[Trump Administration] warned of strikes on Iranian bridges and power plants while carrying out 11 consecutive days of airstrikes [6]
- Threatened to destroy bridges and power plants if ships are attacked in the Strait of Hormuz
- Struck Iranian military command centers
- naval capabilities
- and aircraft hangars
- Targets included facilities near Tehran
[Houthi Rebels] declared a maritime blockade against Saudi Arabia and attacked 2 oil tankers [2][3][5]
- Carried out attacks on 2 Saudi tankers in the Red Sea
- Full ban on cargo loading at Saudi ports
- Threatened to blockade the Bab el-Mandeb Strait
- Traffic dropped 34% on Tuesday
[Strait of Hormuz] saw shipping traffic plummet 66%, paralyzing a key crude oil corridor [9][5]
- Weekly transits dropped to 53 ships through July 20
- Tanker and gas carrier movements fell from 90 to 30
- Handles about 20% of global oil consumption
- Iran attempting to force ships through its territorial waters
[US Consumer Prices] faced renewed inflationary pressure from surging gasoline and diesel prices [4][8]
- National average gasoline at $4.06 per gallon (up 4.4% weekly)
- Diesel at $5.13 per gallon
- up 34 cents weekly
- US refinery utilization saturated at 96.1%
- BlackRock projects 0.8pp increase in global inflation
[India] accelerated the shift to alternative fuels to strengthen energy security [7]
- Mandatory 20% ethanol blending in gasoline implemented 5 years ahead of schedule
- Reviewing 15% isobutanol blending in diesel
- Russian crude accounted for over 50% of India's imports in June
- Consumer inflation surpassed 4%
- a 27-month high
Sources
- [1] Global oil prices settle at 6-week high after topping $95 a barrel, as hopes dim for de-escalation of Iran war - MarketWatch Top Stories
- [2] Brent Crude Spikes in Late Trading After Red Sea Tanker Attack - Bloomberg Markets
- [3] Crude oil adds to gains after Houthis attack two Saudi tankers in the Red Sea - Seeking Alpha Market News
- [4] Analysis: Iran war energy shock hits the U.S. economy as gas and diesel prices climb - CNBC Energy
- [5] Houthis deploy missiles and drones to attack ships in southern Red Sea, naval group says - CNBC Energy
- [6] Oil prices rise after Rubio says Iran is not serious about a deal - CNBC Energy
- [7] India steps up energy shift as costs and tariff pressures mount — oil blending push sparks backlash - CNBC Energy
- [8] Inflation fears are back in the spotlight as the Middle East conflict keeps oil prices elevated, analysts say - CNBC Energy
- [9] Ships shun Strait of Hormuz as renewed fighting strains key oil corridor - CNBC Energy