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Global oil prices settle at 6-week high after topping $95 a barrel, as hopes dim for de-escalation of Iran war

Economy MarketWatch By Isabel Wang 22 Jul 2026 20:10 1 min read
Global oil prices settle at 6-week high after topping $95 a barrel, as hopes dim for de-escalation of Iran war

Oil prices settled at six-week highs on Wednesday after the U.S. struck Iran for the 11th night in a row and President Donald Trump warned that the U.S. will bomb Iranian bridges and power plants if Tehran fires on ships in the Strait of Hormuz.

Oil prices settled at six-week highs on Wednesday after the U.S. struck Iran for the 11th night in a row and President Donald Trump warned that the U.S. will bomb Iranian bridges and power plants if Tehran fires on ships in the Strait of Hormuz.

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