Oil Prices Are Soaring: The U.S. and Iran Have Once Again Brought the World Closer to an Energy Crisis
15 July 07:01
Global oil prices continued their sharp rise following a new escalation of the conflict between the U.S. and Iran. This was reported by "Komersant Ukrainian", citing Reuters.
Oil prices have surged again
As of the morning of July 15:
- Brent rose by $1.46 (1.72%) to $86.19 per barrel;
- West Texas Intermediate (WTI) rose by $1.11 (1.4%) to $80.40 per barrel.
The day before, both benchmark grades had already closed at their highest levels since mid-June, and the new wave of hostilities only reinforced the upward trend.
What caused the new price spike
According to Reuters, U.S. President Donald Trump reinstated a naval blockade of all Iranian ports following new Iranian attacks on commercial shipping.
At the same time, the U.S. military launched a new series of strikes on Iranian targets, stating that their goal was to reduce Tehran’s ability to attack civilian vessels in the Strait of Hormuz.
In response, Iran reported:
- drone attacks on the U.S. Azraq base in Jordan;
- strikes on military targets in Bahrain and Kuwait.
The Strait of Hormuz is once again under threat
Tehran claims that the Strait of Hormuz is closed again following the resumption of hostilities between the U.S. and Iran.
Before the war began, approximately:
- 20% of global oil exports;
- a significant portion of global liquefied natural gas (LNG) shipments.
Any disruptions to this route immediately affect the global oil market and fuel prices.
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Trump: Energy Facilities Could Be the Next Target
In an interview with Fox News, Donald Trump stated that he is postponing strikes on Iran’s energy infrastructure for now, but does not rule out such a scenario.
According to the U.S. president:
“I’ll leave energy facilities for last, but eventually we’ll strike them too.”
Such statements have further heightened nervousness among traders.
Could oil prices rise to $100?
Tim Waterer, chief market analyst at KCM Trade, believes the risk of a further sharp price increase remains high.
In his assessment:
- if hostilities damage the energy infrastructure of the Persian Gulf countries, Brent could approach $100 per barrel;
- if diplomatic negotiations allow shipping through the Strait of Hormuz to resume, prices could stabilize in the range of $75–80 per barrel.
Analysts note that current prices already reflect the so-called “geopolitical risk premium.” However, the future direction of the oil market will depend on whether the parties manage to return to diplomatic negotiations or whether the conflict continues to escalate.
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