Crude oil fluctuated around $80 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.

Crude Oil fell to 79.38 USD/Bbl on July 16, 2026, down 0.27% from the previous day. Over the past month, Crude Oil's price has risen 4.44%, and is up 19.86% 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 16 of 2026.

Crude Oil fell to 79.38 USD/Bbl on July 16, 2026, down 0.27% from the previous day. Over the past month, Crude Oil's price has risen 4.44%, and is up 19.86% 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 74.14 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 84.34 in 12 months time.



Price Day Month Year Date
Crude Oil 79.44 -0.155 -0.20% 4.52% 19.95% Jul/16
Brent 84.58 -0.368 -0.43% 6.33% 21.67% Jul/16
Natural gas 2.88 -0.0465 -1.59% -8.51% -18.76% Jul/16
Gasoline 3.29 -0.0155 -0.47% 12.92% 51.51% Jul/16
Heating Oil 3.95 0.0049 0.12% 23.75% 60.40% Jul/16
Coal 128.75 1.05 0.82% -11.21% 17.05% Jul/15
Ethanol 1.93 -0.0400 -2.04% 3.49% 8.60% Jul/14
Urals Oil 66.62 0.37 0.56% -1.74% 1.77% Jul/15



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -0.06 -0.40 BBL/1Million Jul 2026
Saudi Arabia Crude Oil Production 6637.00 7010.00 BBL/D/1K Jun 2026
United States Crude Oil Production 13934.00 13718.00 BBL/D/1K Apr 2026
Russia Crude Oil Production 9976.61 9976.48 BBL/D/1K Mar 2026
United States Crude Oil Stocks Change -1.69 3.00 BBL/1Million Jul 2026
United States Weekly Crude Oil Production 13861.00 13860.00 Thousand Barrels Per Day Jul 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
79.38 79.60 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Fluctuates as US Intensifies Strikes on Iran
Crude oil fluctuated around $80 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
Oil Prices Pare Gains
Crude oil pared early gains to trade below $79 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
Oil Prices Rise for 3rd Session
Crude oil rose above $79 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