Global oil prices began to rise amidst escalating geopolitical tensions in the Middle East. According to Oilprice data, as of the morning of July 20, 2026, Brent crude increased by 2.40% compared to the previous trading session, reaching $90.21 per barrel. Concurrently, WTI crude rose by 2.12%, reaching $84.24 per barrel. Russia’s Urals crude also saw a price increase, reaching $66.84 per barrel, which is 0.33% higher than the previous figure.
The surge in oil prices was triggered by the intensifying geopolitical friction in the Middle East. Following recent U.S. strikes on Iranian territory, market concerns over potential disruptions to oil supplies intensified, fueling fears of further escalation in the region. As a reminder, the U.S. had previously stated that its latest round of strikes against Iran had concluded.
