Iran War Sends Oil Prices Soaring Amid Ongoing Tensions

The ongoing U.S.-Israeli war on Iran has caused oil prices to surge over 40% in 2026, with the global benchmark Brent crude rising by 24% to $87.93 per barrel in July.

The conflict has disrupted the flow of crude through the Strait of Hormuz, which accounts for around 20% of the world's total, with only two tankers successfully passing through on July 31.

Gasoline prices have also been affected, increasing by 45% over the year and reaching a national average of $4.106 per gallon in the U.S., according to AAA.

Oil trader John Kilduff predicts that gasoline prices may range between $4.25 and $4.50 per gallon in August due to ongoing tensions in the Middle East, including drone attacks by Ukraine on Russia's oil industry.