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Financial Times
Oil hits $87 as battle for Strait of Hormuz alarms energy markets
Oil prices have climbed above $87 for the first time since the US and Iran extended their ceasefire, driven by heightened tensions regarding the Strait of Hormuz. This surge, reaching almost 5% increase, reflects growing concerns over global oil supplies as inventories dwindle. The resurgence of conflict in the region, with renewed US air strikes, is raising alarms about potential market disruptions and inflationary pressures in an already sensitive economic climate.
MonitorConfidence: HighShort term horizonGeopolitical risk: High
Published 14 Jul 2026, 10:40 UTC2 min read
Visit original article ↗Lead image — Financial Times
Summary
TL;DR
- Brent crude oil hit $87.22 per barrel, a nearly 5% increase.
- US air strikes against Iran escalate tensions over the Strait of Hormuz.
- Global oil inventories are lower compared to earlier conflicts.
- UK borrowing costs climbed above 5% amid rising energy prices.
- Major US stock indices experienced downturns due to rising oil prices.
Interesting facts
- The Strait of Hormuz is critical for global oil and gas supplies.
- US forces have conducted multiple air strikes against Iran, reflecting escalating military tensions.
- The imposition of a 20% fee on cargo transit through the strait is being considered, potentially influencing market behavior.