Iran Guards Threaten to Halt Strait Oil Flows as Brent Tops $90 After 9th US Strike Night
Updated
Updated · The Independent · Jul 20
Iran Guards Threaten to Halt Strait Oil Flows as Brent Tops $90 After 9th US Strike Night
3 articles · Updated · The Independent · Jul 20
Summary
Brent crude rose above $90 a barrel after Iran’s Revolutionary Guard warned that no oil or gas would pass through the Strait of Hormuz if US strikes continue.
The threat followed the US military’s ninth straight night of attacks on Iran, aimed at command centres, missile and drone launch sites, coastal surveillance systems and maritime capabilities.
Iran’s military also claimed it disabled two oil tankers trying to cross the strait without permission, though that account was not independently verified.
Shipping through the waterway was already thin, with LSEG data showing only four vessels crossed on Sunday versus eight a day earlier.
The confrontation is spreading across the Gulf: sirens sounded in Bahrain, Kuwait said its air defences engaged hostile drones, and Washington says the campaign is meant to protect commercial shipping.
With Iran's military weakened, will releasing $24 billion in frozen assets be the key to finally reopening the strategic strait?
As Gulf allies lose faith in US protection, is the Hormuz conflict creating a new power vacuum in the Middle East?
As global oil reserves run dry, could the world's food supply be the next major casualty of the Hormuz crisis?
2026 Strait of Hormuz Escalation: US-Iran Hostilities Drive Oil to $88, Threaten Global Stability
Overview
In July 2026, renewed hostilities between the United States and Iran led to a sharp escalation in the Strait of Hormuz crisis. Iran targeted Kuwaiti power and desalination facilities, causing fires and knocking out power units, which heightened fears over the security of vital tanker routes. This disruption pushed Brent crude oil prices up by over 14% in a week, with experts warning of further increases if physical shortages worsen. The resulting energy shock triggered global market volatility, with major stock indices falling and concerns rising about inflation, supply chain disruptions, and broader economic instability.