US-Iran Tensions Send Oil Prices Soaring 21% This Month

Global oil prices wrapped up July with their strongest monthly gain since March amid escalating tensions between the US and Iran. The conflict has sparked concerns over supply disruptions, contributing to the price surge.

American oil West Texas Intermediate (WTI) traded near $84 per barrel after fluctuations in a range of more than $8 during the week. Since the beginning of the month, its value has increased by approximately 21%.

The US imposed sanctions against Iranian firms accused of supporting racketeering in the Strait of Hormuz, further fueling tensions in the region. Despite new mutual strikes between the two countries, shipping through the Strait of Hormuz has intensified in recent days.