United States airstrikes on Iran drive oil surge
PUBLISHED Jul 23, 2026, 11:51 AM ET
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Global oil prices climbed sharply on Thursday, with Brent crude futures rising 3.7 percent to as high as $98.88 per barrel, the highest level in nearly two months and close to the $100 mark last seen in May. The move followed confirmation from U.S. Central Command that American forces had carried out a twelfth consecutive night of strikes on Iranian military targets, disrupting key Middle Eastern maritime routes and rattling energy markets. The operations, ordered by President Donald Trump, included attacks on maritime capabilities, missile and drone storage, coastal surveillance sites, and air defenses, and coincided with renewed concerns over U.S. inflation and stock market weakness.
By Ayesha A. | JQJO News
Timeline of Events
- May 2024 Brent last trades near $100
- Throughout July 2024 US strikes multiple Iranian sites
- Throughout July 2024 US resumes maritime blockade
- Earlier this week Trump ends ceasefire agreement
- Earlier this week Trump issues 48-hour ultimatum
- Earlier this week Trump threatens Iranian infrastructure targets
- Thursday morning Brent jumps toward $100
- Thursday morning US stock futures sharply decline
News Intelligence
- Higher oil prices mean higher gas prices. You'll likely pay more at the pump. It could also raise the cost of goods and services. Check your budget and plan for potential increases.
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