Oil Prices Soar 20% as US-Iran Tensions Escalate in Strait of Hormuz

Oil prices surged by over 20% in July due to escalating tensions between the US and Iran, particularly in the Strait of Hormuz.

The global benchmark Brent traded below $88 a barrel after swinging in a range of about $11 last week. The US crude gauge West Texas Intermediate was near $82 a barrel.

Despite shipping through the Strait of Hormuz appearing to have picked up, concerns over supply snarls persist, particularly with attacks on tankers in the Black Sea and rare vessel attacks in the Mediterranean.