Since the war began in February with US and Israeli strikes, Tehran has been trying to block the Strait of Hormuz as part of a strategic pressure campaign. Before the war, about a fifth of the world's oil supplies passed through the strait.
Crude oil prices surge above $92 a barrel amid Middle East tensions
July 22, 2026
BS News Agency: Oil prices rose. International oil prices rose after Iran attacked US radar and air defense installations in the Gulf. Brent crude rose 1.2 percent to $92.09 a barrel in trading on Wednesday, its highest since June 11. On the other hand, West Texas Intermediate (WTI), the main US oil benchmark, rose 1.1 percent to $85.23 a barrel. Iran on Tuesday stepped up its attacks in the Middle East after the resumption of hostilities with the United States. Iran claimed that it had attacked and stopped two oil tankers that had disobeyed orders to pass through the Strait of Hormuz.
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