Oil price rises above $95 mark as Middle East conflict escalates

Oil prices climbed above $95 a barrel on Wednesday, reaching their highest level in six weeks as renewed tensions in the Middle East raised concerns about possible disruptions to global supply.

The increase came as conflict in the region intensified, with pressure building around two key maritime chokepoints: the Strait of Hormuz and the Bab el-Mandeb. According to a monitored public feed based on reporting from The Guardian Business, renewed US-Iran aggression in the Strait of Hormuz and threats from the Houthis to target vessels carrying Saudi oil through the Bab el-Mandeb helped drive the benchmark price sharply higher.

The move reflects how quickly energy markets can react to geopolitical risk, particularly when shipping routes crucial to international oil flows are seen as vulnerable. Any sustained interruption in either strait could complicate transport for producers and buyers across multiple regions, adding uncertainty to an already volatile market.

The latest price jump pushed oil above a threshold not seen in six weeks, underscoring investor concern that the Middle East crisis could affect supply chains beyond the immediate area of conflict. Traders often respond rapidly to signs that tanker traffic may be threatened, since even the prospect of delays or rerouting can tighten market sentiment.

The report, drawn from a monitored public feed, indicates that the escalation has become a significant market driver as attention turns to the risk of further disruption in shipping lanes that are central to global energy trade.

Source: The Guardian Business - https://www.theguardian.com/world/2026/jul/22/oil-price-increases-middle-east-conflict-escalates-us-iran