Oil climbs above $95 as Middle East shipping risks intensify
Benchmark oil prices rose above $95 a barrel on July 22 as conflict involving the United States and Iran and Houthi threats near a second major shipping route raised supply concerns.
Benchmark oil prices moved above $95 a barrel on Wednesday, July 22, 2026, for the first time in six weeks as escalating conflict in the Middle East increased the risk of further supply disruption.
The rise followed renewed confrontation involving the United States and Iran around the Strait of Hormuz. Market concerns were compounded by Houthi threats against vessels carrying Saudi oil through the Bab el-Mandeb strait, according to the Guardian.
Hormuz and Bab el-Mandeb are critical maritime chokepoints for energy cargoes. Disruption at either route can raise transport and insurance costs; simultaneous pressure around both waterways adds to uncertainty for import-dependent economies and consumers.
