Oil settles up on renewed US-Iran hostilities and threat of Red Sea closure

July 18, 2026

Oil prices climbed significantly on Friday, reaching their highest point in over a month. Escalating hostilities between the United States and Iran intensified attacks across the Gulf region. Shipping routes face potential closure, impacting global oil flows and prices. Saudi Arabia has redirected significant crude exports to avoid the Strait of Hormuz. Ukraine also reported striking a Russian oil refinery in its conflict.

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