Oil prices surge past $90 amid US-Iran hostilities

July 20, 2026 (MLN): Oil prices climbed on Monday as escalating military conflict between the United States and Iran stoked fears of disruptions to energy shipments through the Strait of Hormuz, following fresh U.S. strikes and further American casualties.

Currently, Brent crude futures is up by $2.24, or 2.54%, to $90.34 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.85, or 2.26%, to $83.63 per barrel by [9:43 am] PST.

The price surge followed confirmation by the U.S. military that a third American service member had died in recent operations, while investigators recovered unidentified remains near the site of an earlier Iranian attack in Jordan that had killed two U.S. personnel and left another missing, according to CNBC.

American forces carried out a ninth straight night of strikes against Iranian targets, according to military sources, marking a sustained escalation in hostilities.

The renewed conflict has reignited concerns over the security of one of the world's most critical oil transit corridors, with markets bracing for potential supply disruptions should tensions along the strait intensify further.

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