Global Oil Prices Soar Again, Brent Tops US$85 Amid Escalating US-Iran Conflict

Global oil prices surged again on Wednesday, with Brent crude breaching the US$85 mark as conflict between the United States and Iran escalated. Market concerns over disruptions to global energy supplies have been the primary driver of the two-day rally. Based on Refinitiv data as of 09:20 WIB, Brent crude rose to US$85.72 per barrel, strengthening by 1.17 percent from the previous close of US$84.73 per barrel. Meanwhile, West Texas Intermediate (WTI) crude extended its gains to US$80.12 per barrel, up 0.98 percent from the prior close of US$79.34 per barrel. The increase extends the positive trend for oil prices seen since the start of the week amid rising geopolitical risks in the Middle East. Over the past two trading days, Brent has surged approximately 2.9 percent, while WTI has strengthened by more than 2.5 percent. Compared to the closing position on 10 July 2026, the price jump is even steeper, with Brent up nearly 13 percent and WTI rising more than 12 percent. The rally was triggered by the renewed conflict between the US and Iran. President Donald Trump re-imposed a naval blockade on all Iranian ports, prompting Iran to launch attacks on several US military targets and infrastructure in the Middle East. The situation has raised fears that the conflict will widen and impact global oil distribution. According to Reuters, the US military launched further strikes early Wednesday aimed at degrading Iran’s ability to target commercial vessels in the Strait of Hormuz. Tehran, meanwhile, stated it has again closed the shipping lane after the conflict reignited last week.