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Financial Times
Oil back above $90 as Iran hits tankers
Oil prices exceeded $90 a barrel, driven by ongoing military hostilities between the US and Iran. The conflict intensified with American airstrikes and Iranian counterattacks on vessels, raising fears about secure shipping routes through the vital Strait of Hormuz. This rises the stakes not only for regional stability but also for global oil markets, as further escalation could disrupt supply chains significantly.
MonitorConfidence: HighImmediate horizonGeopolitical risk: High
Published 20 Jul 2026, 06:40 UTC3 min read
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Summary
TL;DR
- Brent crude prices rose 2.4% to $90.25 per barrel.
- US strikes against Iran intensify, resulting in military casualties.
- Iran's Revolutionary Guard reports attacks on oil tankers.
- Significant monthly gain of over 23% in oil prices.
- Concerns voiced over security and insurance for shipping companies.
Interesting facts
- This spike marks the first time oil has traded above $90 since June 11.
- The US has conducted nine consecutive nights of airstrikes in the region.
What changed