Brent rises 2% to $85 on Tuesday as US-Iran strikes enter a third night and Hormuz traffic falls

Crude oil rose further on Tuesday, July 14, 2026, as tensions between the United States and Iran escalated. Brent gained about 2% to $85 a barrel and West Texas Intermediate (WTI) rose 2.3% to $80, extending Monday's near 9% jump, which was Brent's biggest single-day gain since 2020.

US forces struck Iranian military targets, coastal air-defense systems and missile and drone capabilities for a third consecutive night in a roughly five-hour mission. Ship-tracking data showed confirmed crossings of the Strait of Hormuz fell about 52% week on week over July 10 to 12 as vessels shifted to more defensive routing. The strait carries roughly one fifth of the world's oil and gas trade, so disruptions feed directly into global prices and inflation expectations.