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macroJul 20, 2026, 7:10 AM

WTI Oil Climbs to Fresh One-Month Highs Near $84.00 on Iran Escalation

WTI oil prices surged to a one-month high near $84.00 on Monday as escalating US-Iran hostilities threaten an all-out war, keeping the Strait of Hormuz closed to shipping.

WTI

West Texas Intermediate crude oil jumped to its highest level in a month, trading near $84.00 per barrel on Monday. The rally was driven by heightened military tensions between the United States and Iran, raising fears of a broader conflict in the Middle East.

The escalation has effectively closed the Strait of Hormuz, a critical chokepoint for global oil shipments, amplifying supply concerns. Traders are now pricing in a significant risk premium as diplomatic channels remain strained.

No ceasefire or de-escalation measures have been reported, keeping oil prices elevated with potential for further gains if the situation deteriorates.

Source: FXStreet Forex News