Brent Crude Crosses $90 as US-Iran Conflict Escalates, Fresh Global Oil Crisis Fears Emerge
Brief By Newsbrief / 1:37 PM on 21 Jul 2026
Global crude oil prices surged sharply on Monday as the escalating conflict between the United States and Iran intensified concerns over energy supplies from the Middle East. Brent crude climbed more than 3% to $90.79 per barrel, while WTI crude traded around $85 per barrel. Murban crude was also trading near $82 per barrel, reflecting growing anxiety across global energy markets.
The latest rally comes after crude prices had fallen to nearly $70 per barrel in June amid hopes of a possible peace agreement between Washington and Tehran. However, since the beginning of July, Brent crude has gained nearly $20 per barrel, highlighting how quickly geopolitical tensions have reversed market sentiment.
The primary driver behind the price surge is the renewed escalation of military actions between the US and Iran. The conflict has disrupted shipping through the Strait of Hormuz, one of the world's most critical energy corridors, through which roughly 20% of global oil supplies pass. Reports of attacks on shipping traffic, Iran's closure of the strategic waterway, and US plans to impose a naval blockade on Iranian ports have heightened fears of prolonged supply disruptions.
The rising oil prices have revived concerns about another global oil and gas crisis similar to the one witnessed during the earlier phase of the US-Iran conflict. Countries heavily dependent on imported energy, including India, Pakistan, Bangladesh, South Korea and the United Kingdom, could face higher fuel costs if the disruption continues.
A sustained increase in crude prices may translate into higher petrol, diesel and LPG prices while also adding inflationary pressure across economies. Analysts warn that if geopolitical tensions persist and shipping through the Strait of Hormuz remains restricted, global energy markets could witness further volatility, posing significant challenges for governments, businesses and consumers worldwide.