Oil Holds Above $91 in Wednesday Trade; Brent Near a Roughly Five-Week High

Oil held firm in early Wednesday trade on 22 July 2026, with Brent trading above $91 a barrel, near its highest level in about five weeks. In early dealing, Brent changed hands in a range of roughly $91.5 to $92 and West Texas Intermediate (WTI) near $85 (intraday figures).

The main driver was the continuation of US strikes on Iran into an 11th night and concern over supply disruption through the Strait of Hormuz, the waterway through which about a fifth of the world's oil passed before the war.

Global oil prices affect Iran's export revenue and budget as well as the broader mood across commodity and equity markets.