Business & Markets
Oil rises again after new US strikes on Iran
Oil prices rose again on Tuesday after fresh United States strikes against Iran increased concern about a fragile truce, possible disruption to the Strait of Hormuz and renewed inflation pressure.
The latest attacks followed an Iranian strike on a commercial ship in the Strait of Hormuz early on Sunday. Iran then announced the closure of the waterway, through which about a fifth of global oil passes. The report said the United States carried out a series of strikes on sites in Iran, after which Tehran hit targets in Bahrain, Jordan, Kuwait and Oman.
US President Donald Trump said he would reimpose a naval blockade on Iranian ports, while also saying that a deal with Iran was still possible.
Kathleen Brooks, research director at trading group XTB, said the prospect of more fighting and another blockade had slowed traffic through the Strait of Hormuz to a near halt. She said disruption to the supply chain was keeping upward pressure on oil prices.
International benchmark Brent North Sea crude rose as much as five percent and was trading around $87 a barrel on Tuesday. Around 1100 GMT, Brent was up 4.9 percent at $87.34 a barrel, while West Texas Intermediate was up 3.7 percent at $81.01. Brent had already risen by more than nine percent on Monday.
The higher oil prices weighed on European stock markets. London’s FTSE 100 was down 0.4 percent at 10,456.89 points, Paris’s CAC 40 was down 0.9 percent at 8,292.57, and Frankfurt’s DAX was down 0.8 percent at 24,917.04.
Asian markets were mixed, though several indexes rose after technology companies recovered some ground from earlier selling. Seoul’s Kospi closed up 0.7 percent at 6,856.83 after earlier falling as much as five percent. South Korean chipmaker SK hynix ended more than three percent higher after a 15 percent fall the previous day, while Samsung rose 3.3 percent. Tokyo, Hong Kong, Shanghai, Singapore, Manila and Jakarta also rose, while Wellington, Taipei, Mumbai and Bangkok fell.
Investors were also looking ahead to corporate earnings, testimony in Congress by Federal Reserve chief Kevin Warsh and US inflation data. Susannah Streeter, chief investment strategist at Wealth Club, said a softer-than-expected inflation reading could support expectations for lower borrowing costs and lift equities, while a hotter reading would probably push Treasury yields and the dollar higher and put more pressure on stocks.
The jump in oil prices renewed concern that another increase in inflation could push the Federal Reserve and other central banks toward higher interest rates. Fed governor Christopher Waller said on Monday that another hot core inflation reading this week would mean the rate-setting committee needed to consider tightening monetary policy in the near term.
The report said markets were pricing in a 39 percent chance that the Fed would raise interest rates at its meeting later this month, rising to more than 76 percent for September.
Other key market levels around 1100 GMT included Tokyo’s Nikkei 225 up 0.7 percent at 67,743.50, Hong Kong’s Hang Seng Index up 0.5 percent at 24,340.73, and Shanghai’s Composite Index up 1.4 percent at 3,967.13. New York’s Dow had closed down 0.3 percent at 52,498.64. The euro was at $1.1390, the pound was at $1.3368, the dollar was at 162.25 yen, and the euro was at 85.23 pence.
Update
Brent North Sea crude was up 4.9 percent at $87.34 a barrel around 1100 GMT, and West Texas Intermediate was up 3.7 percent at $81.01.
The report said Brent had risen as much as five percent on Tuesday after jumping more than nine percent on Monday.
The report added that European equities fell while several Asian markets rose, with Seoul recovering from earlier sharp swings.
Kathleen Brooks of XTB said traffic through the Strait of Hormuz had slowed to a near halt and that supply-chain disruption was keeping upward pressure on oil prices.
The report added comments from Susannah Streeter on the possible market impact of upcoming US inflation data.
Fed governor Christopher Waller said another hot core inflation reading would mean the rate-setting committee needed to consider tightening monetary policy in the near term.
The report gave market-implied chances of a Fed rate rise of 39 percent later this month and more than 76 percent in September.
Source note: AFP news report published on 14 July 2026 at 11:22:53 UTC.
Update
Brent North Sea crude rose 5.1 percent to $87.51 a barrel.
West Texas Intermediate rose 3.9 percent to $81.21 a barrel.
President Donald Trump vowed to reimpose a naval blockade, according to the source.
Source note: AFP news report published on 14 July 2026 at 10:50:59 UTC.
Update
Brent crude jumped 5 percent after fresh US strikes on Iran.
Source note: AFP news report published on 14 July 2026 at 10:40:01 UTC.
Update
Oil prices continued rising on Tuesday, with WTI up 3.5 percent at $80.87 and Brent up 3.7 percent at $86.41 around 0810 GMT.
Donald Trump said the United States would levy a 20 percent fee on cargo shipped through the Strait of Hormuz and described the United States as the strait's guardian.
Trump said Iran's ports would again be blockaded but that other countries would have fair and open use of the strait.
Trump said a deal with Tehran remained possible.
BNZ analyst Jason Wong said the proposed levy would add about $16 to the cost of each barrel of oil on a typical supertanker and questioned whether the plan would last.
Asian and European equity markets were mixed, with tech shares in South Korea recovering partly after earlier losses.
Fed governor Christopher Waller said another hot core inflation reading could require policymakers to consider tightening monetary policy soon.
Source note: AFP news report published on 14 July 2026 at 08:22:27 UTC.
Update
Oil continued rising on Tuesday, with West Texas Intermediate up 2.6 percent at $80.15 a barrel and Brent up 2.4 percent at $85.37 around 0715 GMT.
President Donald Trump said the United States would levy a 20 percent fee on cargo shipped through the Strait of Hormuz while allowing other countries open use of the waterway.
Trump said a deal with Tehran to end the crisis was still possible.
BNZ's Jason Wong said the proposed 20 percent levy would add about $16 to the cost of every barrel of oil passing through the strait on a typical supertanker and questioned whether the plan would remain in place.
Asian markets mostly rose, with Seoul, Tokyo, Hong Kong, Shanghai, Singapore, Manila and Jakarta higher, while Wellington, Taipei, Mumbai and Bangkok fell.
London, Paris and Frankfurt opened lower.
Fed governor Christopher Waller said another hot core inflation reading could require the rate-setting committee to consider tightening monetary policy soon.
Source note: AFP news report published on 14 July 2026 at 07:56:10 UTC.
Uncertainty notes
The future course of fighting, the possible blockade and any deal with Iran remained uncertain.
The upcoming US inflation data had not yet been released.
Source
AFP news report published on .