Following a week of intense air strikes, the US military has targeted Iranian infrastructure, triggering retaliatory attacks across the Gulf.

Brent crude and WTI prices surged on July 17, 2026, as renewed military strikes between the U.S. and Iran raise fears of disruptions to global oil corridors.

Brent and WTI crude prices increased after U.S. strikes on Iranian military targets sparked fears of supply disruptions through key energy shipping routes.

Crude oil benchmarks have climbed as military conflict between the U.S. and Iran threatens to disrupt energy trade through the Strait of Hormuz. Gulf exports have dropped significantly following the reimposition of naval blockades and threats to energy infrastructure.

Brent crude futures rose as military engagements in the Strait of Hormuz reduced shipping traffic by over 50 percent. The crisis is fueling supply concerns and expectations of potential Federal Reserve interest rate hikes.