Oil prices significantly widened their initial premiums on Wednesday. The ongoing US attacks on Iran are driving up prices.
July 23, 2026, 01:15July 23, 2026, 01:15
At $95.57 per barrel (159 liters), the price of the reference Brent variety from the North Sea for delivery in September temporarily reached its highest level since mid-June. Most recently, a barrel cost $94.39, 3.7 percent more than the day before. The increase of the past few days continues.
Oil prices were again supported by the ongoing military conflicts in the Middle East and the increased crude oil prices. The US military says it has again attacked military targets in Iran. This was intended to weaken the country’s ability to attack merchant ships in the Strait of Hormuz, which is important for the oil trade, said the US command responsible for the region, CENTCOM. It is the eleventh consecutive night that the US attacked the Islamic Republic. Jordan has also reported six more rocket fire from Iran.
Trump escalates rhetoric
US President Donald Trump, meanwhile, sharpened his rhetoric: In the future, the United States will “bomb and destroy” a bridge or power plant in Iran every time the Islamic Republic attacks a ship in the Strait of Hormuz. He said on his Truth Social platform that other nearby civil infrastructure objects would also be targeted.
The unexpected increase in crude oil inventories in the USA last week did not weigh on oil prices. According to the Department of Energy, they rose by 2.0 million barrels last week. Analysts, however, had expected a decline of 0.9 million barrels. Declining crude oil exports were responsible for the increased reserves. It was the third consecutive increase in stocks.
In the second half of June and the beginning of July, the price of oil fell step by step to $70 due to hopes of a lasting ceasefire in the Middle East. But the hope came to nothing and the price of oil has risen sharply again since then.
However, the Brent price is still well below the annual high of around $126, which was reached at the end of April. The reason for the sharp increase in the spring was the Iran war started by the USA and Israel at the end of February. (sda/awp/dpa)