Global oil prices surged again on Wednesday, July 22, amid ongoing U.S. strikes against Islamic Republic military targets and escalating concerns over maritime security in the Persian Gulf. Meanwhile, data from energy intelligence firm Kpler indicated that the number of vessels transiting the Strait of Hormuz had fallen for a second consecutive day.
Brent crude rose by $1.00 to reach $92.01 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 82 cents to trade at $85.16 per barrel.
Concurrently, U.S. gasoline prices have trended upward, fuelling growing criticism of the ongoing conflict with the Islamic Republic. The economic fallout was highlighted on Tuesday during a congressional hearing with the U.S. Secretary of Defense, where several lawmakers warned of the broader financial consequences if hostilities continue.
The rise in oil prices comes alongside reports of several tankers turning back from the Red Sea, amplifying fears of further disruptions to global energy supplies. According to Kpler, only three commercial vessels transited the Strait of Hormuz on Tuesday, a drop of one vessel from the previous day.
The decline in vessel traffic persists as mutual strikes between the United States and the Islamic Republic in recent weeks have severely compromised shipping safety through the strategic waterway.
