Brent Surges Above $86 After Iran Strikes Two UAE Tankers in Hormuz - Crude Oil Prices Today

Around 14 July 2026, oil prices rose to a four-week high as the US and Iran stepped up attacks in the Strait of Hormuz. Brent crude surged above $86 after Iran struck two UAE tankers, and spot Mideast crude prices strengthened after the attacks on the tankers, according to Reuters and OilPrice.

NHK World reported that the US will reinstate its blockade of Iran and charge a fee in the Strait of Hormuz. Iran said it will keep exporting oil despite a canceled US waiver. Al Arabiya and Al Jazeera wrote that the tension in the strait pushed up energy and commodity prices and lifted oil to its highest level in a month.