Jul 15, 2026 – 4.18pmOil prices are days away from another steep rise into triple-digit territory as a fresh blockade of the Strait of Hormuz heaps pressure on already depleted global energy supplies that analysts warn could hit critical levels within weeks.The front-month futures contract for Brent Crude – used by traders to gauge market sentiment – has surged nearly 17 per cent since the start of July as strikes resumed across the Middle East and US President Donald Trump reinstated a blockade of the strait despite signing an interim deal to end the war less than a month ago.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles