Crude Oil Prices Rise as US-Iran Hostilities Continue

Crude Oil Prices Rise as US-Iran Hostilities Continue 14.07.2026

Crude oil prices rose sharply on Tuesday, with August WTI crude closing up 1.54% and August RBOB gasoline gaining 1.93%, reaching one-month and 1.5-month highs respectively. The rally was driven by the collapse of the US-Iran truce, leading to new attacks on shipping in the Strait of Hormuz that reduced traffic and curbed global oil supplies. US forces launched another round of strikes against Iran, and the UAE reported that two oil tankers were attacked by Iran in Omani waters. However, prices fell from their highs after President Trump announced he would replace his proposed 20% Hormuz cargo fee plan with trade and investment deals with Gulf States.

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