Oil Jumps 4% Above $94 as U.S. Hits Iran for 11th Straight Night
Updated
Updated · CNBC · Jul 22
Oil Jumps 4% Above $94 as U.S. Hits Iran for 11th Straight Night
3 articles · Updated · CNBC · Jul 22
Summary
Brent crude climbed nearly 4% to $94.23 early Wednesday and WTI rose 3.8% to $87.46 after U.S. forces carried out an 11th consecutive night of strikes on Iranian targets.
Marco Rubio said Iran was "not serious" about talks and accused Tehran of demanding control over the Strait of Hormuz, the key dispute driving both the military campaign and supply fears.
Centcom said the latest strikes hit operations centers, maritime assets, aircraft hangars, drone storage and logistics sites to further weaken Iran's ability to threaten commercial shipping through the strait.
Brent's move above $90 a barrel has revived inflation worries, with money markets pricing a 24.1% chance of a July Fed hike and a 69% chance of at least a quarter-point increase in September.
Supply risks are widening beyond the Gulf: ING also flagged suspended loadings at Russia's CPC terminal, which handled about 1.7 million barrels a day from Kazakhstan in June.
With war costs nearing $150 billion, why haven't oil prices surged past the once-feared $200-per-barrel mark?
As Iran threatens two vital sea lanes, is the global economy on the brink of an unprecedented supply chain crisis?
How are low-cost drones changing the security of the world's most critical energy and trade chokepoints?
2026 Middle East Oil Shock: Simultaneous Threats to Hormuz and Bab el-Mandeb Upend Global Markets
Overview
The report highlights how escalating tensions in the Middle East have triggered an immediate crisis, causing renewed fighting and expanding the conflict’s geographic scope. This has led to sharp downturns in major Asian stock markets, with Japan’s Nikkei 225 and South Korea’s Kospi both falling significantly. The crisis is also pushing oil prices upward, keeping global markets on edge. These developments show how regional instability quickly reverberates across global markets, affecting both financial indices and commodity prices, and underscore the interconnectedness of geopolitical events and economic outcomes.