Oil Rose About 2% on Tuesday; Brent Settled at $91, a Five-Week High
22 July 2026 | 3 months ago
Oil prices climbed about 2% on Tuesday, 21 July 2026, to a five-week high. Brent crude settled up roughly 2% at $91.01 a barrel, its highest close since 10 June, while U.S. West Texas Intermediate gained about 2% to settle at $84.91, its highest close since 11 June.
The rally was driven by fears of worsening energy supply disruption in West Asia: continued exchanges of strikes between the United States and Iran and a threatened naval blockade of Saudi Arabia by Yemen's Houthi forces. On Tuesday, two tankers carrying Saudi crude bound for Asia reversed course in the Red Sea. Brent stayed in technically overbought territory for a seventh straight session, the first such run since June 2025.
Global oil prices bear directly on Iran's markets, from oil export revenue to inflation expectations and the exchange rate.
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