Crude oil surged 4% to above $87 per barrel on Wednesday, the highest in six weeks, as escalating tensions between the US and Iran increased concerns about global energy supply disruptions. The rise followed the 11th consecutive night of US strikes targeting Iranian military facilities and efforts to prevent threats to commercial shipping through the Strait of Hormuz. US Secretary of State Marco Rubio said Washington remains open to a diplomatic solution but accused Iran of failing to honor previous commitments. He emphasized that any future agreement must guarantee freedom of navigation through the Strait of Hormuz and prevent Iran from developing nuclear weapons or supporting militant groups. Also, threats from Yemen’s Houthi rebels against shipping routes in the Red Sea increased fears of further disruptions to international oil trade. On top of that, attacks on the Caspian Pipeline Consortium terminal in the Black Sea added pressure on global energy markets.
Crude Oil rose to 87.03 USD/Bbl on July 22, 2026, up 3.19% from the previous day. Over the past month, Crude Oil's price has risen 18.88%, and is up 33.39% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on July 22 of 2026.
Crude Oil rose to 87.03 USD/Bbl on July 22, 2026, up 3.19% from the previous day. Over the past month, Crude Oil's price has risen 18.88%, and is up 33.39% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 85.38 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 97.47 in 12 months time.