Global oil prices climbed to their highest levels in four weeks on Tuesday as renewed tensions in the Middle East raised concerns over energy supplies passing through the Strait of Hormuz.
Brent crude rose to US$86.19 per barrel, its highest level since 12 June, while U.S. West Texas Intermediate (WTI) increased to US$79.67 per barrel.
Markets Price in Supply Risks
Oil prices increased after the United States reinstated a naval blockade targeting Iran, while renewed hostilities between Washington and Tehran heightened uncertainty over regional energy supplies.
The market also reacted to concerns that disruptions could affect shipping through the Strait of Hormuz, one of the world’s busiest energy trade routes.
The Strait of Hormuz carries around 20% of global oil and liquefied natural gas (LNG) supplies, making it a vital corridor for international energy markets.
Shipping data showed tanker traffic through the waterway fell to its lowest level in two months, adding to concerns about the movement of crude oil from the region.
Last modified: July 14, 2026
