Brent holds near $85 for a fourth session, at a one-month high as the Hormuz crisis deepens

Oil prices held at elevated levels in Thursday, July 16, 2026 trading, staying near a one-month high for a fourth straight session of gains. During the day's Asian session, Brent crude traded around $85 a barrel and US West Texas Intermediate around $80.

The main drivers are the resumed naval blockade of Iran's ports, continued US strikes, and the IRGC's threat to cut off the region's energy exports, which has revived fears of supply disruption through the Strait of Hormuz. Reports put Brent more than 15% above its level before the renewed blockade began. Higher global oil prices also feed indirectly into Iran's gold and currency markets.