Iran-US Tensions Spark Oil Price Surge Above $95 Barrel

Renewed military hostilities between the United States and Iran have pushed crude oil prices above $95 per barrel for the first time in five weeks. The increased tensions over potential disruptions to global oil supplies through the Strait of Hormuz has caused Brent crude to trade at $95.40 per barrel, while US West Texas Intermediate (WTI) traded at $90.66 per barrel.

The last time Brent Crude was above $95 per barrel was in late July 2026, when it hit $95.24 on July 22, 2026. The latest rally follows an escalation in military exchanges between Washington and Tehran, which has revived fears that the conflict could further disrupt oil shipments through the strategic waterway.

The US military's Central Command said it had completed a wave of strikes against targets belonging to Iran's Islamic Revolutionary Guard Corps (IRGC). Iranian media reported attacks on Bahrain and the IRGC claimed that a large number of US forces had been killed in Jordan, although two US officials told Reuters that initial assessments showed there had been no casualties.