TLDR:Brent crude rose 4.6% to $95.16 a barrel, marking its highest point in six weeks. US carried out an eleventh consecutive night of strikes against Iran overnight. Houthi forces threatened a naval blockade on Saudi Arabian ports amid rising tensions. Tankers are slowing approaches to Bab El-Mandeb Strait as Red Sea risks continue to grow. Oil prices reached $95 per barrel this week, the highest level in nearly six weeks. Brent crude climbed above $95, while US WTI crossed $87, both marking fresh highs since June 11. The surge follows escalating military exchanges between the United States and Iran. Houthi forces have also threatened a naval blockade near Saudi Arabian ports, adding further pressure on global energy markets.Middle East Tensions Drive Oil Price HigherBrent crude rose 4.6% to reach $95.16 a barrel on Wednesday morning. This marks its highest point in six weeks, according to market data. Oil prices have climbed roughly 20% this month alone. The increase tracks closely with continued exchanges of fire between Washington and Tehran.BREAKING: UK oil hits $95 per barrel for the first time in nearly 6 weeks amid escalating US–Iran attacks and Houthi threats.Brent jumped to above $95, while US WTI climbed to over $87, their HIGHEST levels since June 11. pic.twitter.com/9fnKLFcnNh— Coin Bureau (@coinbureau) July 22, 2026The US carried out its eleventh consecutive night of strikes against Iran. Meanwhile, the Iran-backed Houthi movement issued fresh threats against shipping routes. Analysts say the naval blockade threat targets Saudi Arabian ports directly. This adds another layer of risk to an already volatile situation.Kathleen Brooks, an analyst at broker XTB, pointed to comments from President Trump. She said the sharp rise “comes after Donald Trump said he was not interested in holding talks with Iran last night.” Brooks noted this rejection of diplomacy came just before the latest price jump. Markets responded quickly to the shift in tone from Washington.Trump also signaled plans to escalate the conflict further. He said he “would escalate tensions even further and will hit Iran’s Pickaxe Mountain,” a site reported to house an underground nuclear facility. Such comments have heightened concerns among traders about prolonged instability.Supply Chain Risks Mount Amid Shipping ThreatsReports suggest US allies in the Gulf are growing weary of continued strikes. Many view the campaign against Iran as ineffective so far. Still, no clear diplomatic solution has emerged to break the deadlock. The path forward remains uncertain for both sides involved.Markets would likely favor a return to peace talks over further escalation. This preference grows stronger as the crisis affects oil flows beyond Hormuz. The Strait of Hormuz remains a critical corridor for global crude shipments. Any disruption there could send prices sharply higher.Tankers have reportedly begun avoiding or slowing approaches to the Bab El-Mandeb Strait. This narrow passage near Yemen sits close to Houthi-controlled territory. The group has threatened cargo ships allied with Iran’s position in the conflict. For now, Red Sea shipping lanes remain technically operational.Global supply chains face growing strain as the conflict continues. Inflation risks are increasing each day the situation remains unresolved. Some market participants now see a new all-time high for crude oil as more likely. The current geopolitical climate continues to shape trader sentiment and pricing across energy markets. The post Oil Price Surges to $95 as US-Iran Conflict Escalates appeared first on Blockonomi.