Crude oil prices jump 9% so far this week; trades above $96/bbl after 12th round of US attacks on Iran

Crude oil prices in the global market surged to this week’s record high level on Thursday, July 23, as commodity market investors focused on the continued attacks from the United States on strategic Iranian targets and the risk of another oil supply disruption.

Investing.com data showed that the global benchmark Brent crude oil prices surged 9.4% to this week’s record high level of $96.46 per barrel (bbl) on Thursday, July 23, in comparison to the previous’s week’s final market close level of around $88 per bbl.

Investors were focusing on US President Donald Trump’s recent comments about the consecutive attacks against Iran, as the leader threatened the destruction of either a power plant or a bridge every time the West Asian country shoots a vessel at the Strait of Hormuz.

Key focus will now remain towards monitoring further escalation between the two countries, as after 12 consecutive rounds of military attacks against Iran, the situation seems to be far away from a potential final peace deal.

Oil prices today

Brent crude oil prices surged 2.5% to their intraday high of $96.46 per bbl on Thursday’s market, compared to $94.07 at the previous commodity market close, according to Investing.com data.

At 10:45 am, crude oil prices were trading 2.15% higher at $96.09 per bbl, after touching high levels during the early market hours.

US-based West Texas Intermediate (WTI) crude oil prices gained 2.1% to their intraday high of $88.67 per bbl on July 23, compared to $86.83 per bbl at the previous market close.

As of the morning market hours, India time, WTI crude oil prices were trading 1.5% higher at $88.15 per bbl on Thursday’s market.

Oil prices up 42% YTD

Crude oil prices have gained 42% so far in the calendar year 2026, and the energy prices were trading more than 47% higher in the last six-month period, according to Investing.com data.

Although in the last three months, oil prices have dropped 3% in the global market, the energy rates have regained 25% in the last one-month period.

The exchange data also showed that Brent crude oil prices have gained 14% in the last five trading sessions amid renewed tensions between United States and Iran, with no signs of a final peace agreement.

What’s happening in the West Asia conflict?

“From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy one bridge or power plant, including those located next to, or in, the Capital City of Tehran,” said Trump in his Truth Social post on Wednesday evening.

“If the Americans target an Iranian bridge or power plant, Iran will respond by striking infrastructure and bridges across the region, including energy facilities in which the United States has interests,” according to the report citing a local news agency.

Iran also said that the authorities will not relinquish their control over the key oil trading route, the Strait of Hormuz.

“US forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defence assets,” said US Central Command in an official statement.

These attacks are aimed at further degrading Iran's ability to attack civilian mariners and commercial vessels. With more than 50,000 US soldiers deployed in the West Asia region, the country aims to resume a blockade against Iran at sea.

As per media reports, the Houthis attacked the two commercial vessels with multiple drones and missiles. However, so far all members of the ships are safe, but the attacks caused a fire, which allegedly had no environmental impact.

This Iranian nuclear facility is buried at least 100 metres under the large mountain, and Iran said that any attacks on the region will be treated as an expansion of the war, as per reports.

Reports also suggest that Israel thinks Iran has stored part of its enriched uranium stockpile and advanced enrichment centrifuges at the location.