Oil Price Today (July 15): Crude oil above $86 as US-Iran exchange fresh strikes. Bigger surge brewing?

Crude oil prices surged on July 15 with Brent crude rising 1.72% to $86.19 per barrel and WTI gaining 1.4% to $80.40 per barrel, both at their highest levels in about a month. The rally is driven by renewed US-Iran military strikes, with the US launching new operations targeting Iranian capabilities in the Strait of Hormuz and Iran claiming drone attacks on US positions. Experts at Kotak Securities see prices testing $85-$90 if disruptions worsen, while Nuvama warned an extended Hormuz closure could push oil to $110-$150 per barrel, disrupting nearly 20 million barrels per day of crude flows.