Oil prices climbed to $96

The barrel price of Brent oil rose above 95 dollars due to concerns that the escalating conflicts between the USA and Iran could disrupt global oil supply and increased risks regarding oil shipments. The forward barrel price of Brent oil, which completed the day at $91.01 yesterday, increased by approximately 4.86 percent compared to the closing date at 12.52 today, reaching $95.43. At the same time, West Texas Intermediate (WTI) crude oil was sold at $88.57 per barrel. Thus, oil prices reached their highest level since June 11. While the USA continues its wave of attacks "aimed at weakening Iran's ability to threaten commercial ships" in the Strait of Hormuz, Iran continues its retaliation against US bases in the Gulf.

US Central Command (CENTCOM) announced in a statement on the social media platform of US-based company. The Iranian army also reported that in retaliation for the US attacks on Iranian territory, the ammunition depots and logistics equipment belonging to the US Land Forces Command in the Ed-Doha Military Base in the west of Kuwait and some buildings and ammunition depots belonging to the US elements in the Muvaffak Salti Air Base in Jordan were targeted with unmanned aerial vehicles. In the Bushehr Governorship statement published by Fars News Agency, it was stated that US army missiles hit an electrical substation near Iran's Bushehr Nuclear Power Plant at night.

While concerns continue that the increasing conflicts between the USA and Iran may disrupt oil shipments through the Strait of Hormuz, the increased security risk in the Bab al-Mandeb Strait following the naval blockade of Saudi Arabia by the Iranian-backed Houthis in Yemen also affects prices upwards. In the news published yesterday by the SABA news agency affiliated with the Houthis, it was reported that 6 ships changed their route and returned in the last 24 hours, following the warnings made within the scope of the naval blockade against Saudi Arabia. In his statement on July 20, Yahya Seri, the military spokesman of the Houthis, accused Saudi Arabia of imposing a blockade on Yemen for nearly 12 years and announced that they would respond with a "counter blockade.