Oil Prices Surge To 4-Week High As US-Iran Tensions Flare Up, Brent Crude Trades Above $80 | Details

Last Updated:July 14, 2026, 08:47 IST

Brent crude pushed even higher, trading at USD 83.85 per barrel. West Texas Intermediate (WTI) crude witnessed a spike of 2.1 per cent to trade at USD 79.79 a barrel

In the wake of a dramatic escalation in West Asia, oil prices surged two per cent to a four-week high as the United States and Iran continued exchanging strikes over shipping through the Strait of Hormuz.

Brent crude pushed even higher, trading at USD 83.85 per barrel. West Texas Intermediate (WTI) crude witnessed a spike of 2.1 per cent to trade at USD 79.79 a barrel as of 00:51 GMT, according to Al Jazeera. 

On Monday, Brent crude saw a jump of 9.6 per cent to settle at USD 83.30 a barrel, marking the global oil benchmark’s highest single-day surge since May 2020.

The latest rally in the region pushed oil prices to their highest levels since the US and Iran signed a preliminary agreement on June 17, aimed at ending the conflict that began February 28. Meanwhile, the fresh surge unfolds against the backdrop of mounting geopolitical tensions as the United States and Iran engaged in a fresh spate of strikes, with West Asia plunging into a renewed conflict.

US-Iran War News Live

‘US Reinstated Naval Blockade’

US President Donald Trump announced Monday that Washington had reinstated a naval blockade on Iranian shipping through the Strait of Hormuz –– a key maritime chokepoint that accounts for nearly 20 per cent of the global energy traffic.

“We’re hitting them very hard. And it’ll continue, and we’ll see what happens," Trump told reporters in the Oval Office.

“We’re putting the blockade back," he added.

The US President declared Washington would introduce charges for securing maritime traffic through the vital waterway, marking a significant shift from America’s long-standing policy that advocates an unrestricted navigation through the strait.

West Asia On Boil

The confrontation between Washington and Tehran saw a dramatic escalation over the past week. On Tuesday, the US Central Command (CENTCOM) announced that it had struck multiple targets across Iran, including Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas port.

Iran’s Islamic Revolutionary Guard Corps (IRGC) said it targeted two tankers from the United Arab Emirates (UAE) shipping through Hormuz. The IRGC alleged that the vessels were being guided by the US forces through an “illegal route".

The fresh tumult in the region –– which saw a beckon of hope following a ceasefire between the two sides –– descended again into a broader conflict, even as countries seek to navigate the already-existing economic strain caused by the war.

News world Oil Prices Surge To 4-Week High As US-Iran Tensions Flare Up, Brent Crude Trades Above $80 | Details

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