Brent and WTI crude futures extended gains for a third session as diplomatic efforts broke down and tanker traffic through the Strait of Hormuz remained heavily restricted.

Brent crude reached $91.22 a barrel and WTI climbed to $85.31 as collapsing diplomatic talks and naval blockades permanently reprice Middle East shipping bottlenecks.

Brent and WTI crude climbed as traders realized a technical agreement on shipping lanes with Oman does not guarantee commercial access without US concessions.

Despite nearing an Omani-brokered technical deal for shipping lanes, Tehran insists the vital energy corridor will remain shut until Washington accepts a sweeping list of economic and military preconditions.

Contradictory claims from the Oval Office and Tehran have triggered volatility in global energy markets as a blockade of the Strait of Hormuz persists.

Yemen's Houthi rebels claimed a missile attack on the southern Saudi Arabian city of Jizan, sparking fires near a Saudi Aramco refinery.

US airstrikes targeting Iranian military infrastructure continue for a seventh night as retaliatory attacks strike Qatar, Kuwait, and Jordan. Global oil prices have increased amid growing concerns over shipping and energy transit.

U.S. forces have intensified an aerial campaign against Iranian military logistics and infrastructure to influence control over the Strait of Hormuz. In response, Iran has launched retaliatory strikes on regional assets, further destabilizing global energy markets.

U.S. forces are targeting Iranian logistics and energy infrastructure to break a blockade of the Strait of Hormuz. The conflict has caused regional strikes.

The United States has rejected Iranian allegations that its military campaign has targeted civilian infrastructure as regional fighting intensifies.

Oil prices rose on July 15, 2026, as renewed hostilities and a U.S. naval blockade of Iranian ports threatened global energy transit corridors.

Brent Crude climbed above $79 per barrel as renewed military escalation between the U.S. and Iran sparked global concerns regarding oil supply security.

President Trump confirmed that US-Iran negotiations will continue despite declaring the June ceasefire void, as military tensions escalate in the region.

Maritime traffic through the Strait of Hormuz remains unstable as shipowners navigate ongoing military risks and diplomatic tensions following a June 2026 memorandum. The recovery remains fragile as global energy markets monitor fluctuating transit volumes and inspection mandates.