Brent Oil Tops $90 as Middle East Attacks Threaten Hormuz…

Brent crude oil prices fluctuated following tensions between the US and Iran, particularly concerning actions in the Strait of Hormuz. After hitting a peak of $91 a barrel, Brent futures settled near $89. The shift in prices was influenced by Iran's Foreign Ministry announcing it had received mediation proposals regarding its conflict with the US.

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WATCH: Brent gained after the US and Iran escalated hostilities, including the targeting of vessels attempting to transit the Strait of Hormuz. Stephen Stapczynski has the details.Source: Bloomberg

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By Nicholas Lua and Alex Longley

July 19, 2026 at 6:02 PM EDT

Updated on July 20, 2026 at 4:10 AM EDT

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Oil pared an earlier increase after Iran’s Foreign Ministry said it had received proposals from mediators regarding the war with the US, without elaborating.

Brent futures traded near $89 a barrel after earlier topping $91.

Read Original at Bloomberg.com →

Brent Oil Tops $90 as Middle East Attacks Threaten Hormuz Flows