Global oil prices have continued to rise following the escalation of the conflict between the United States and Iran, as tensions around the Strait of Hormuz have made the crucial shipping route increasingly difficult to navigate.
The Strait of Hormuz is a key passage for global energy supplies, and any disruption to traffic through the waterway raises concerns about shortages and further increases in fuel prices worldwide.
Market data from July 17, 2026, showed that the price of a barrel of crude oil increased by $0.70, reaching $84.30.
In just one week, oil prices have risen by 12% as the two sides continued exchanging attacks without a ceasefire.
Qatar’s Ministry of Defence announced that it had intercepted a missile attack launched by Iran, while one child was injured by debris from the intercepted missile.
The Executive Director of the International Energy Agency (IEA), Fatih Birol, warned that the security of oil supply routes remains a major concern.
“We should be worried, and I remain concerned if nothing changes in the coming weeks,” Birol said.
The United States announced new strikes against Iran aimed at weakening its military capabilities, while Iran responded by targeting U.S. military bases in neighbouring countries, including Jordan.
