Middle East escalation pushes oil prices above $85

July 13, 2026 at 11:15 AM1 min

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Oil prices surged above $85 a barrel on Friday after escalating conflict in the Middle East raised supply disruption fears. Brent crude rose 3.2% to $85.40, while WTI gained 3.5% to $81.90. The rally followed airstrikes on key energy infrastructure in the region.

Price Surge

Brent crude futures settled at $85.40 a barrel, the highest since April. West Texas Intermediate rose to $81.90. The gains accelerated after reports of damage to a major oil terminal in the Persian Gulf, though no official confirmation has been issued.

Supply Risks

The escalation involves multiple state and non-state actors, raising the risk of supply disruptions across the Strait of Hormuz, through which about 20% of global oil passes. Analysts at Goldman Sachs noted that a prolonged conflict could cut output by up to 1.5 million barrels per day.