DHAKA, July 16, 2026 - Global oil prices rose modestly on Wednesday as escalating military tensions between the United States and Iran renewed concerns over crude supplies from the Middle East.
West Texas Intermediate (WTI) crude for August delivery gained 0.3 percent to settle at $79.60 per barrel, while Brent crude for September delivery also rose 0.3 percent to $84.95 per barrel.
The gains came after the US launched fresh airstrikes on Iran, raising fears of supply disruptions through the Strait of Hormuz, a key global oil shipping route.
However, the rally was limited by US government data showing a sharp increase in distillate fuel inventories, indicating weaker fuel demand.
Analysts said geopolitical tensions are likely to keep oil prices supported, with the market closely watching developments in the Gulf region.
