Global oil prices have surged by 15% over the past 10 days as diplomatic tensions between the United States and Iran intensified. Military escalation, new sanctions, and additional maritime levies have fueled market uncertainty and pushed crude prices sharply higher.

Oil Prices Climb Sharply

Over the past 10 days, from July 8 to July 18, oil prices have risen significantly alongside renewed tensions between Washington and Tehran.

Brent crude increased from $75 to $87 per barrel, while West Texas Intermediate (WTI) climbed from $72 to $82 per barrel. In the past two days alone, both benchmarks gained $3 per barrel.

One of the main drivers behind the price surge is the U.S. decision to enforce a naval blockade on Iran in the Strait of Hormuz.

Washington has also imposed a 20% levy on vessels transiting the area. At the same time, growing concerns over the possible closure of the Bab al-Mandab Strait have added further uncertainty to global energy markets.

Breakdown of Understandings and Military Escalation

Although the United States and Iran signed a memorandum of understanding last month, both sides are now accusing each other of violating its terms.

The United States has intensified military strikes against Iranian positions in the Strait of Hormuz and Bandar Abbas. In response, Tehran has launched missiles and drones targeting U.S. installations in Gulf states.

Trump's Remarks at the NATO Summit

During the NATO summit in Turkey on July 7–8, U.S. President Donald Trump said the understanding with Iran was nearing its end.

The remarks signaled to global markets that geopolitical tensions were likely to escalate further. According to Reuters, Brent crude is currently heading toward its third consecutive weekly gain, underscoring the severity of the crisis.