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Oil Rises 5% as Peace Talks Stall, Shipping Threats Loom

7/23/2026

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Summary

Story summary

U.S. officials said peace-talk prospects were low as oil rose nearly 5% on July 22, with Brent above $95 and U.S. crude above $88 a barrel.
AAA reported the national average U.S. gasoline price hit $4.06 per gallon, 4 cents higher than the previous day.
Secretary of State Marco Rubio warned Iran’s attacks in the Strait of Hormuz and the Houthis’ blockade of the Bab el-Mandeb Strait threaten global shipping.

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Story summary

U.S. officials said peace-talk prospects were low as oil rose nearly 5% on July 22, with Brent above $95 and U.S. crude above $88 a barrel.
AAA reported the national average U.S. gasoline price hit $4.06 per gallon, 4 cents higher than the previous day.
Secretary of State Marco Rubio warned Iran’s attacks in the Strait of Hormuz and the Houthis’ blockade of the Bab el-Mandeb Strait threaten global shipping.