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Oil Prices Spike to $120 as US-Iran Ceasefire Crumbles

7/22/2026

27 4 Full Breakdown

Summary

Story summary

June 17 ceasefire between United States and Iran pulled oil to $70 a barrel.
Ceasefire collapse triggered a U.S. blockade and new Iranian transit rules, lifting price to $85 a barrel.
Brent crude rose to about $120 a barrel in the United States, a yearly high.
In March, the International Energy Agency released 400 million barrels from reserves, covering 20 days of supply.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo on the United States to protest American arms shipments to Israel during the Yom Kippur War. The embargo lifted in March 1974 after oil prices had surged nearly 300%, marking the first oil shock. Today, renewed U.S.–Iran tensions are again tightening supply, pushing Brent toward $120 a barrel.

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Story summary

June 17 ceasefire between United States and Iran pulled oil to $70 a barrel.
Ceasefire collapse triggered a U.S. blockade and new Iranian transit rules, lifting price to $85 a barrel.
Brent crude rose to about $120 a barrel in the United States, a yearly high.
In March, the International Energy Agency released 400 million barrels from reserves, covering 20 days of supply.

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