Global Oil Prices Continue to Soar, Now Touching US$85.72 per Barrel

Global oil prices surged again in trading on Wednesday (15/7/2026), driven by escalating conflict between the United States (US) and Iran. Market concerns are now focused on potential energy supply disruptions from the Gulf region, especially the Strait of Hormuz, a vital artery for global oil trade. Based on Refinitiv data at 09:20 WIB, Brent crude oil prices stood at US$85.72 per barrel, up 1.17% from the previous close of US$84.73 per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened to US$80.12 per barrel, a 0.98% increase from US$79.34 per barrel. This rise extends a sharp rally that began the previous day. Over two trading days, Brent has surged approximately 2.9%, whilst WTI has gained more than 2.5%. Compared to the close on 10 July, Brent’s increase has reached nearly 13%, with WTI soaring over 12%. The price spike occurred after US President Donald Trump re-imposed a naval blockade on all Iranian ports. Simultaneously, Iran retaliated with attacks on several US military targets and infrastructure in the Middle East. The escalation has triggered fears that the conflict will widen and disrupt global energy distribution. According to Reuters, the US military launched further strikes early Wednesday to degrade Iranian capabilities used to attack commercial vessels in the Strait of Hormuz. Tehran, meanwhile, stated it had again closed the shipping lane after conflict with the US reignited last week. The Strait of Hormuz holds an extremely strategic position in the global energy supply chain. Before the war erupted, roughly one-fifth of the world’s oil and liquefied natural gas (LNG) trade passed through this narrow channel daily. Any disruption in the area immediately impacts global supply expectations and pushes investors to pay a higher risk premium. The current conflict has also targeted energy-related facilities. In an interview with Fox News, Trump stated that Iranian energy targets remain an option, amplifying market fears over potential strikes that could disrupt oil production and exports from the Gulf. Iran has escalated its military response. Its armed forces claimed to have launched drone attacks on a US military base in Azraq, Jordan. The Islamic Revolutionary Guard Corps (IRGC) also claimed to have struck weapons depots and storage facilities in Bahrain and Kuwait, although these reports could not be independently verified. For market participants, the risk is no longer limited to the closure of the Strait of Hormuz. Attention is now shifting to the possibility of damage to energy infrastructure in the Gulf region, which supplies the majority of the world’s oil needs. Tim Waterer, a market analyst at KCM Trade, said the possibility of oil prices approaching US$100 per barrel remains open if the conflict continues to escalate and begins damaging energy facilities in the Gulf. Conversely, if diplomatic channels resume and the Strait of Hormuz can be reopened, Brent prices are expected to hold in the US$75-80 per barrel range.