Finance
Oil prices surge 10% as US-Iran conflict threatens global energy supply
By 19Network Editorial Team · Jul 14, 2026 · 2 min read
Brent crude nears $72 per barrel as military escalation in the Middle East triggers global supply disruption concerns.
Global oil prices surged by nearly 10 per cent during early trading on Wednesday after an escalation in military tensions between the United States and Iran sparked investor concerns over a significant disruption to Middle East crude supplies. Brent crude jumped to approximately $71.75 per barrel, while West Texas Intermediate (WTI) rose past $65 as markets reacted to late-night missile strikes on regional military bases. Supply Security and Market Volatility The price spike follows an official announcement from Tehran regarding retaliatory measures against US assets in Iraq. The immediate market reaction reflects the critical importance of the Strait of Hormuz, where approximately 20 per cent of the world’s global oil consumption passes daily. Ship tracking data and energy reports suggest that any prolonged closure or security threat to this maritime corridor could lead to a sustained supply deficit. Energy analysts at major regional banks indicate that current price levels include a risk premium of $5 to $8 per barrel. Traders are now monitoring official responses from Washington and the OPEC+ alliance to determine if additional production capacity will be released to…