Global oil prices climbed about 4% on Wednesday, with Brent crude briefly rising above $95 a barrel as fighting between the United States and Iran continued to disrupt energy markets.
The report said Iran has continued attacks on vessels in the Strait of Hormuz and against U.S. allies across the Middle East.
President Donald Trump said the United States was "not finished" with military operations against Iran and warned he would respond if Yemen's Iran-backed Houthi rebels attempted to block Saudi Arabia's Red Sea ports through the Bab el-Mandeb Strait.
According to the report, Iranian officials declared the Strait of Hormuz belongs to Iran and issued fresh warnings over the strategic waterway. Market analysts said a wider disruption to Red Sea shipping could push oil prices above $100 per barrel.
Related Tweet:
With shippers reluctant to risk Iranian attacks, oil prices jumped over 4% Wednesday. International benchmark Brent Crude traded at over $95 a barrel, marking a $20 rise since the U.S. and Iran resumed fighting on July 7. https://t.co/8QaOhI06lp
— CBS News (@CBSNews) July 22, 2026
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