Global oil prices surged above $91 a barrel on July 21, 2026, after a sharp escalation of hostilities between the United States and Iran and new threats to maritime traffic in the Middle East. U.S. forces conducted extensive airstrikes on military installations in southern Iran, ordered by President Donald Trump in retaliation for recent American troop deaths. Iran’s Revolutionary Guard responded with drone and missile attacks on U.S. facilities in Bahrain, Kuwait, and Jordan and claimed to have stopped two oil tankers in the Strait of Hormuz. Separately, Yemen’s Iran‑aligned Houthi movement declared a maritime embargo on Saudi‑linked Red Sea shipping.

Prepared by Christopher Adams and reviewed by editorial team.