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Oil prices rise over 2% amid US-Iran conflict and concerns over Strait of Hormuz shipments

Market News
19 Jul 2026
CNBC
View Source
Bullish
pluang ai news

Oil prices surged on Monday as escalating conflict between the United States and Iran raised fears of disruptions to oil shipments through the Strait of Hormuz. Brent crude rose about 2.77% to over $90 per barrel, while U.S. West Texas Intermediate crude increased roughly 2.4% to $84.49. The tensions escalated after the U.S. confirmed the death of a third American service member and launched a ninth consecutive night of strikes targeting Iranian military assets. These developments have tightened the global crude market, with experts warning of potential inventory shortages by September if Gulf exports continue to decline.

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