Brent Below $84

2026-07-15 15:10 By Joana Taborda 1 min. read

Brent pared early gains to trade below $84 a barrel on Wednesday, but escalating tensions in the Middle East continued to fuel supply concerns.

The move followed another round of US strikes against Iran and the reinstatement of a naval blockade targeting Iranian ports near the Strait of Hormuz.

US forces struck dozens of military assets along Iran's coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran's ability to disrupt shipping through the Strait of Hormuz.

President Trump also pledged to intensify military operations until Iran halts attacks on vessels in the Strait and agrees to reopen the waterway.

Meanwhile, on Tuesday, President Trump abandoned plans to impose a 20% fee on cargo transiting Hormuz, arguing that any forgone revenue would be more than offset by future investments from Gulf nations in the US.

On the data front, EIA data showed that US crude inventories fell by 1.7 million barrels last week.



News Stream
Brent Below $84
Brent pared early gains to trade below $84 a barrel on Wednesday, but escalating tensions in the Middle East continued to fuel supply concerns. The move followed another round of US strikes against Iran and the reinstatement of a naval blockade targeting Iranian ports near the Strait of Hormuz. US forces struck dozens of military assets along Iran's coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran's ability to disrupt shipping through the Strait of Hormuz. President Trump also pledged to intensify military operations until Iran halts attacks on vessels in the Strait and agrees to reopen the waterway. Meanwhile, on Tuesday, President Trump abandoned plans to impose a 20% fee on cargo transiting Hormuz, arguing that any forgone revenue would be more than offset by future investments from Gulf nations in the US. On the data front, EIA data showed that US crude inventories fell by 1.7 million barrels last week.
2026-07-15
Brent Trades at One-Month Highs
Brent rose above $85 a barrel on Wednesday, extending gains for a third consecutive session to one-month highs, as escalating tensions in the Middle East continued to fuel supply concerns. The move followed another round of US strikes against Iran and the reinstatement of a naval blockade targeting Iranian ports near the Strait of Hormuz. US forces struck dozens of military assets along Iran's coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran's ability to disrupt shipping through the Strait of Hormuz. President Trump also pledged to intensify military operations until Iran halts attacks on vessels in the Strait and agrees to reopen the waterway. Meanwhile, on Tuesday, President Trump abandoned plans to impose a 20% fee on cargo transiting Hormuz, arguing that any forgone revenue would be more than offset by future investments from Gulf nations in the US.
2026-07-15
Brent Extends Gains on Fresh US Strikes
Brent climbed above $85 per barrel on Wednesday, advancing for a third consecutive session after the US launched another wave of strikes against Iran while reinstating its naval blockade of Iranian ports near the Strait of Hormuz. US forces targeted dozens of military assets along Iran’s coastline and near the strategic waterway during a seven-hour operation aimed at weakening Tehran’s ability to disrupt shipping through Hormuz. Meanwhile, President Donald Trump abandoned plans to impose a 20% fee on cargo transiting the strait, saying any lost revenue would be more than offset by future investments from Gulf nations into the US. Oil prices have surged this week as renewed hostilities between Washington and Tehran intensified supply concerns, adding fresh uncertainty after Persian Gulf producers ramped up exports following the signing of the interim peace agreement.
2026-07-15