Oil Prices Rise on Trump’s Iran Threat
On 15 July 2026, oil prices increased for a third consecutive Asian trading session following U.S. President Donald Trump's statements indicating a potential escalation of military action against Iran. At 21:01 ET (01:01 GMT), Brent crude futures for September delivery were up 1.7 % to $86.15 per barrel, while West Texas Intermediate (WTI) contracts rose 1.3 % to $80.34 per barrel, placing both benchmarks near their highest levels in roughly a month after a near‑10 % surge earlier in the week.
Trump, speaking in a Fox News interview, warned that if Tehran did not return to negotiations, the United States would target Iran’s power plants and bridges in the coming week, while continuing strikes on Iranian military and coastal infrastructure, reserving energy facilities for later attacks. He also noted that U.S. officials remained in contact with Iranian counterparts and asserted that Tehran had no choice but to negotiate.
The United States resumed its blockade of Iranian shipping through the Strait of Hormuz on Tuesday evening, and Trump withdrew a previously suggested 20 % fee on commercial cargo transiting the strait after Gulf allies urged abandonment of the plan. Shipping activity through the strait has sharply declined amid renewed conflict and attacks on commercial vessels and Gulf tankers.
American Petroleum Institute data showed U.S. crude oil inventories fell by 56,000 barrels last week, a far smaller draw than the market expectation of a 2.7 million‑barrel reduction. Investors are awaiting the U.S. Energy Information Administration’s official figures later on Wednesday to confirm whether another weekly stockpile draw has occurred.
The article, sourced from Reuters and published on Investing.com, highlights the interplay between geopolitical developments and commodity markets, with oil prices reacting to both the threat of further sanctions and the resumption of the Hormuz blockade.