Thursday 16 / July / 2026
Tokyo: Oil prices rose for a fourth consecutive session on Thursday as a fresh wave of US strikes on Iranian military targets fuelled concerns over a broader conflict and potential supply disruptions in the Strait of Hormuz.
Brent crude futures climbed 33 cents, or 0.4 percent, to $85.28 a barrel, while US West Texas Intermediate (WTI) crude advanced 42 cents, or 0.5 percent, to $80.02 a barrel.
Both benchmarks rose about 0.3 percent on Wednesday and remained near their one‑month highs reached on Tuesday.
Oil prices have climbed this week as supply disruptions in the Strait of Hormuz worsened following the attacks. About one‑fifth of global oil and LNG trade passed through the strait before the war.
Goldman Sachs said Brent could exceed $110 a barrel in the fourth quarter if Gulf export recovery stalls, but could fall to between $60 and $69 by year‑end if tensions ease and production recovers faster than expected.
US crude inventories fell by 1.7 million barrels in the week ended 10 July 2026, compared with analyst expectations for a 2.6 million barrel decline, the Energy Information Administration said.
