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Oil price rises above $95 mark as Middle East conflict escalates

Global supply disrupted by US-Iran aggression in strait of Hormuz and Houthi threats in Bab el-Mandeb

The price of oil has breached the $95 a barrel mark for the first time in six weeks as the escalating Middle East conflict threatens further disruption to global supplies.

The benchmark oil price rose sharply on Wednesday as renewed US-Iran aggression over the strait of Hormuz was compounded by Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait.

Jul 22, 2026 Oil Strait of Hormuz US-Israel war on Iran

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Oil Jul 22, 2026 Oil price rises above $95 mark as Middle East conflict escalates Global supply disrupted by US-Iran aggression in strait of Hormuz and Houthi threats in Bab el-MandebMiddle East crisis live – latest updatesBusiness live – latest updatesThe price of oil has breached the $95 a barrel...

Oil price rises above $95 mark as Middle East conflict escalates

Global supply disrupted by US-Iran aggression in strait of Hormuz and Houthi threats in Bab el-MandebMiddle East crisis live – latest updatesBusiness live – latest updatesThe price of oil has breached the $95 a barrel...

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Oil price rises above $95 mark as Middle East conflict escalates

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