Oil prices rise as US-Iran tensions threaten energy supplies

Oil prices rose on Friday after the United States and Iran exchanged fire in the key Strait of Hormuz waterway.

Market data from 17 July 2026 showed that the price of a barrel of crude oil rose by $0.70, reaching $84.30.

rude oil prices have risen by 12% this week alone as fighting between the two sides has continued, adding further pressure to global energy markets.

Qatar’s Ministry of Defence said it had intercepted a missile attack launched by Iran, although a child was injured by debris from the intercepted missile.

The head of the International Energy Agency (IEA), Fatih Birol, said the security of global oil supply routes remained a major concern.

“We should be worried, and I remain concerned if nothing changes in the coming weeks,” he said.

The United States said it had carried out new strikes against Iran aimed at weakening its military capabilities, while Iran said it had responded with attacks on US military positions in neighbouring countries, including Jordan.