The United Arab Emirates has completely severed commercial ties with Iran after two ballistic missiles were launched toward its territory, compounding severe oil supply disruptions in the Strait of Hormuz.

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

Global crude prices remained steady near $79 a barrel as markets monitored diplomatic talks between Iran and Oman over the Strait of Hormuz, even as retail fuel costs surged following expired government subsidies.

Explosions rocked a natural gas loading port on Egypt's coast after a drone strike hit a US-owned tanker, sharply escalating the regional conflict.

The U.S. has threatened to strike Iranian infrastructure in response to maritime incidents, as the UK urges both parties to exercise restraint.

Semiconductor stocks led a rebound in the NASDAQ as investors balanced tech sector strength against rising crude oil prices and regional geopolitical tensions.

Global energy markets face renewed volatility as rising US-Iran military tensions threaten shipping lanes and supply chains. Brent crude reached $86.72.

Commercial traffic in the Strait of Hormuz has collapsed after the breakdown of a U.S.-Iran ceasefire, resulting in a significant surge in oil prices.

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 surged to its highest level in four weeks following the collapse of a US-Iran ceasefire and renewed attacks on commercial shipping in the Gulf.

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

U.S. and Iranian envoys are engaging in indirect diplomatic talks following an intense exchange of military strikes and the revocation of oil waivers. The negotiations continue as tensions remain high over maritime security in the Strait of Hormuz.

The International Monetary Fund has lowered its 2026 global growth projection to 3% due to energy shocks following the closure of the Strait of Hormuz. The agency anticipates a rebound to 3.4% growth next year.