Crude oil prices extend gains amid rising US-Iran war tensions; Brent crude surges past $85 per barrel

Crude oil prices extended gains for a third consecutive session on 15 July 2026 after US President Trump warned of additional strikes on Iran and the US reinstated its blockade of the Strait of Hormuz. Brent crude surged $1.46 or 1.72% to $86.19 per barrel, while WTI gained $1.11 or 1.4% to $80.40 per barrel, marking their highest levels in nearly a month. The escalation, including Houthi missile strikes on Saudi Arabia, has disrupted shipping through a corridor handling about one-fifth of global crude and LNG trade, posing inflationary risks for major importers like India.