Oil prices rise as Trump reimposes Iran blockade

Oil extended gains on Wednesday, July 15, 2026, as United States President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on U.S. infrastructure in the region.

Brent futures climbed 99 cents, or 1.2%, to $85.72 a barrel at ‌0400 GMT, while West Texas Intermediate futures gained 64 cents, or 0.8%, to $79.98 a barrel.

Oil prices closed up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas passed prior to the beginning of the U.S.-Israeli war on Iran.

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“While the physical oil market remains adequately ⁠supplied, any further escalation involving the Strait of Hormuz or additional sanctions on Iranian exports could quickly tighten market sentiment and add further risk premiums,” senior market analyst at Phillip Nova, Priyanka Sachdeva, told Reuters.

The United States military said on Wednesday morning that the U.S. began a fresh round of strikes “to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.”

Iran said it has again closed the strait after hostilities between Iran and the U.S. reignited last week, fraying an already fragile truce reached in June after several months of fighting.