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Brent crude oil breaks through $85, Middle East oil transportation risks intensify

2026-07-17 01:11:33

Golden Finance reported that on July 16, as concerns about oil supply in the Middle East intensified and the U.S. continued to crack down on Iran, oil prices resumed their upward climb. The global benchmark Brent crude rose to above $85 per barrel, reversing an earlier slight dip. Over the previous three trading days, Brent crude prices had gained a cumulative 12%. The report said Iran has informed Yemen’s Houthi forces that if Iran’s power infrastructure is attacked, it will block the Red Sea shipping route. With the Iran war already disrupting oil transport through the Strait of Hormuz, the Red Sea shipping route has become a crucial lifeline for Saudi Arabia’s oil exports.

BZ2.54%

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