US-Iran tensions disrupt Hormuz oil flows
Analysis based on 22 articles · First reported Jul 28, 2026 · Last updated Aug 12, 2026
Oil prices are highly volatile, swinging between $70 and $90 a barrel as markets react to the seesaw between deal and war narratives. Supply disruptions through the Strait of Hormuz, which carries about 20% of global oil, are tightening the market and supporting prices despite rising US inventories.
Oil prices rose on Wednesday as doubts about a US-Iran peace deal and attacks on two ships fueled concerns about Middle East supply disruptions. Brent crude gained 0.81% to $89.63 a barrel, while WTI rose 0.85% to $83.91, extending gains after a 5% jump on Monday. The United States and Yemen's Iran-aligned Houthis reported separate attacks on shipping in the Strait of Hormuz and the Bab-el-Mandeb Strait. Iran's top security official, Mohsen Rezaee, said the Strait of Hormuz would remain closed unless the US accepted Iran's conditions, including release of frozen assets. Shipping traffic through the strait dropped to six vessels on Monday, compared with a pre-war average of 125-140. US crude inventories rose by 9.1 million barrels last week, according to API data, exceeding expectations. The EIA expects Middle East supply disruptions of about 600,000 barrels per day to persist through 2027. President Trump threatened more strikes if negotiations break down, while Oman proposed a plan to manage the strait with voluntary fees.
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