Oil prices rise to $85 amid Strait of Hormuz tensions. Crude oil reaching a new all-time high by December 31 at 14.5% YES.

The U.S. and Iran disputed whether Hormuz was open to ship traffic after trading strikes over the weekend.

Oil prices surged as the US and Iran clashed over the Strait of Hormuz. WTI reaching $110 in July 2026 at 1.2% YES.