Oil Prices Climb 2% Amid Escalating Attacks Between the US and Iran in the Middle East

SadaNews - Oil prices rose 2% in early trading due to escalating attacks between the US and Iran in the Middle East.

Brent crude futures surpassed $90 a barrel for the first time since June 11.

Brent crude futures jumped by $2.75 or 3.12% to $90.85 a barrel.

West Texas Intermediate crude futures rose by $2.56 or 3.10% to $85.05 a barrel.

This comes amid heightened tensions between the US and Iran and the military escalation affecting regions in the area.

For his part, US Energy Secretary Chris Wright confirmed that the United States' mission against Iran will continue until President Donald Trump achieves his war objectives, noting that Washington will work to ensure oil flows through the Strait of Hormuz, whether with Iranian cooperation or without.

Wright stated in an interview with ABC News, following eight consecutive days of US strikes on Iran: "The President's mission is essential for achieving peace in the Middle East and peace in the world, which is to prevent Iran from possessing nuclear weapons, and to undermine its ability to terrorize its neighbors and the world and international trade. So, yes, this mission will continue until it is accomplished."

He added: "The plan was for military operations to take 4 to 6 weeks, but it has extended to 5 and a half weeks."

He continued: "We paused temporarily to try to reach an agreement with the Iranian people to allow oil to flow without attacking them, but they showed no desire for that. So, we changed our strategy."

The US Secretary confirmed: "Now, what we are doing is ensuring the flow of oil, gas, and other products through the Strait of Hormuz, whether with Iranian cooperation or not."

Wright stated: "President Trump is always looking for a diplomatic exit and wants to end matters with a peaceful agreement with Iran, but it requires both sides to do so."

Additionally, crude oil and condensate exports from Gulf countries recorded a remarkable recovery during the first half of July 2026, reaching 12 million barrels per day, the highest level since before the outbreak of war with Iran, indicating a recovery in oil flows during the past period.

Exports increased by about 16% compared to the average in June, driven by a temporary easing of navigation through the Strait of Hormuz and a decline in supply fears, contributing to increased crude flows to global markets.

However, this recovery faces new challenges, as shipping traffic has declined again with the return of tensions, and the number of tankers transiting the Strait of Hormuz fell to just 3 tankers on one day in July, the lowest daily level since May, raising concerns about the fluidity of oil exports.

Despite the increase in exports, they are still about 32% lower than the pre-war peak in February when they reached 17.6 million barrels per day, reflecting the ongoing impact of geopolitical tensions in one of the most important global energy corridors.