Brent Hovers at $85

2026-07-16 13:59 By Joana Taborda 1 min. read

Brent swung between gains and losses around the $85 level on Thursday, remaining at one-month highs as escalating hostilities in the Middle East continued to support prices and weigh on investor sentiment.

Reports showed that Iranian government had asked Houthis to stand ready to close the Red Sea oil route should US forces carry out President Trump’s threat to target the country’s infrastructure next week if a diplomatic breakthrough is not achieved.

The US intensified its strikes against Iran, reportedly targeting an oil tanker near the country's main export terminal for the first time since reimposing a blockade on the country's ports.

In response, Iran launched attacks on US bases in Kuwait and Jordan.

According to Reuters, tanker traffic through the Strait has fallen to two-month lows as the conflict has intensified.

Only seven vessels transited the waterway on Wednesday, the first full day after the US reimposed its naval blockade on Iran, down from 13 the previous day.



News Stream
Brent Hovers at $85
Brent swung between gains and losses around the $85 level on Thursday, remaining at one-month highs as escalating hostilities in the Middle East continued to support prices and weigh on investor sentiment. Reports showed that Iranian government had asked Houthis to stand ready to close the Red Sea oil route should US forces carry out President Trump’s threat to target the country’s infrastructure next week if a diplomatic breakthrough is not achieved. The US intensified its strikes against Iran, reportedly targeting an oil tanker near the country's main export terminal for the first time since reimposing a blockade on the country's ports. In response, Iran launched attacks on US bases in Kuwait and Jordan. According to Reuters, tanker traffic through the Strait has fallen to two-month lows as the conflict has intensified. Only seven vessels transited the waterway on Wednesday, the first full day after the US reimposed its naval blockade on Iran, down from 13 the previous day.
2026-07-16
Brent Near $85
Brent traded below $85 on Thursday but remained near one-month highs as escalating hostilities in the Middle East continued to support prices and weigh on investor sentiment. The US intensified its strikes against Iran, reportedly targeting an oil tanker near the country's main export terminal for the first time since reimposing a blockade on the country's ports. In response, Iran launched attacks on US bases in Kuwait and Jordan and threatened to disrupt additional regional energy exports, describing the conflict as an "existential war" with the US. According to Reuters, crude oil loading was suspended at all Iraqi export terminals on Thursday after a drone struck an oil tanker at the Basra terminal. Reuters also reported that tanker traffic through the Strait has fallen to two-month lows as the conflict has intensified. Only seven vessels transited the waterway on Wednesday, the first full day after the US reimposed its naval blockade on Iran, down from 13 the previous day.
2026-07-16
Brent Fluctuates as US Intensifies Strikes on Iran
Brent fluctuated around $85 per barrel on Thursday, but stayed close to one-month highs as the US stepped up its military campaign against Iran in an effort to safeguard shipping through the Strait of Hormuz. US forces carried out fresh airstrikes on Wednesday, targeting Iranian missile storage facilities and launch sites near the strategic waterway. Reports also indicated that President Donald Trump is leaning toward broadening US military operations and has discussed the possible seizure of Kharg Island, Iran’s primary oil export terminal. The escalating conflict lifted oil prices to a one-month high and revived concerns over potential supply disruptions in the Middle East, reversing roughly a third of the second-quarter decline that followed the interim peace agreement, which had improved the supply outlook. Meanwhile, continued Ukrainian attacks on Russian fuel production facilities and oil tankers added to worries over tightening global supplies.
2026-07-15