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US Hits Iran for Strait Threats, Oil Jumps 3.5%

7/22/2026

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Story summary
  • U.S. forces carried out their eleventh night of strikes on Iranian military sites on June 21, 2026, to curb shipping threats.
  • Secretary of State Marco Rubio said Tehran violated a bilateral agreement and seeks control of the Strait of Hormuz, a sticking point.
  • Brent July futures rose 3.5% to $94.20, with U.S. WTI futures at $87.56, up 3.8%.
  • Oil tankers anchored off Port Sultan Qaboos, Muscat, Oman, on June 21, 2026.