Overview
The Reuters commodity news piece dated 15 July 2026 reports that oil prices climbed for a third consecutive Asian‑session day following U.S. President Donald Trump’s renewed threats of military action against Iran and the United States’ resumption of a blockade on Iranian shipping through the Strait of Hormuz.
Price Movements
At 21:01 ET (01:01 GMT), Brent crude futures for September delivery rose 1.7 percent to $86.15 per barrel, while West Texas Intermediate (WTI) futures advanced 1.3 percent to $80.34 per barrel. Both benchmarks were near their highest levels in roughly one month after having surged almost 10 percent at the start of the week.
Geopolitical Developments
President Trump, in a Fox News interview aired late Tuesday, warned that U.S. strikes would intensify unless Tehran returned to negotiations, stating that U.S. forces would target Iran’s power plants and bridges the following week if no deal was reached. He added that Iranian military and coastal infrastructure would continue to be struck, with energy facilities reserved for later attacks. Trump also claimed that U.S. officials remained in contact with Iranian counterparts and asserted that Tehran had no choice but to negotiate.
Shipping and Blockade
The United States resumed its blockade of Iranian shipping on Tuesday evening, reversing a prior proposal to impose a 20 percent fee on commercial cargo transiting the Strait of Hormuz after key Gulf allies urged abandonment of the plan. Shipping activity through the strait has slowed sharply amid renewed conflict, with reports of attacks on commercial vessels and Gulf tankers.
Inventory Data
American Petroleum Institute (API) data indicated that U.S. crude oil inventories fell by 56,000 barrels last week, a draw far smaller than the market expectation of a 2.7 million‑barrel reduction. Investors are awaiting official data from the U.S. Energy Information Administration (EIA) later on Wednesday to confirm whether another weekly stockpile draw has occurred.
Market Outlook
The article notes that investors are monitoring the upcoming EIA release for confirmation of inventory trends, while geopolitical tensions and the renewed blockade continue to underpin the recent upward pressure on oil prices.