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Commodities

US-Iran Strikes Send Oil Prices Soaring Amid Global Shipping Disruptions

Guavy AI Editorial Team
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Oil
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Oil prices surged to a six-week high on July 22 after the US and Iran traded strikes, further threatening energy shipping in the Middle East. The price of Brent crude settled at $94 per barrel, a level not seen since early June.

The brief détente between the two nations ended this month, restricting tanker movement in the key Strait of Hormuz once again. U.S. President Donald Trump threatened more attacks on Iran's infrastructure.

According to Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute, 'Higher oil prices are the biggest near-term macro risk.'

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