Brent crude climbs above $85 amid fresh U.S. strikes on Iran

July 15, 2026 (MLN): Oil prices traded higher in volatile trading on Wednesday after the United States launched another round of military strikes against Iran and reinstated a naval blockade on Iranian ports near the Strait of Hormuz, raising fresh concerns over energy supplies and regional stability.

Currently, Brent crude futures is up, 1.02%, at $85.54 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.35, or 0.44%, to $79.86 per barrel by [09:45 am] PST.

According to the U.S. Central Command (CENTCOM), American forces carried out a seven-hour operation late Tuesday targeting multiple Iranian military sites along the country's coastline and near the Strait of Hormuz.

The operation involved fighter jets, drones and naval assets, striking missile launch facilities, drone infrastructure, naval equipment and coastal defense systems, according to CNBC.

CENTCOM said the strikes were aimed at reducing Iran's military capabilities and limiting its ability to threaten commercial shipping in one of the world's most important oil transit routes.

Earlier in the day, U.S. forces also resumed a naval blockade on vessels traveling to and from Iranian ports, further escalating tensions in the region.

In a separate statement posted on social media, CENTCOM Commander Admiral Brad Cooper accused Iran of deliberately targeting civilians and attacking seven commercial vessels over the past week. He said the incidents had left around a dozen crew members dead, missing or injured.

Market participants viewed the latest developments as a setback to hopes that shipping through the Strait of Hormuz would normalize quickly.

Saul Kavonic, Senior Energy Analyst at MST Marquee, said the renewed military action and the restoration of the blockade had pushed the conflict back onto an escalating path.

He warned that crude oil prices could climb toward $100 per barrel if the current level of hostilities continues for several weeks, with the risk of even sharper gains should critical regional oil infrastructure come under attack.

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