Strait of Hormuz tensions drive oil prices to four-week high of $87 a barrel
Oil prices climbed to $87 per barrel on Tuesday, a four-week high, driven by renewed tensions in the Strait of Hormuz, Al Jazeera English reports. The waterway handles roughly 20% of global oil and liquefied natural gas supplies and has seen repeated price swings since fighting between Iran, the US, and Israel began earlier in 2026, with crude briefly surging above $120 per barrel during the escalation. According to Al Jazeera English, a June memorandum between Washington and Tehran had eased prices to around $80 before renewed fighting pushed them higher again.
📹 Source Video
✓ Verified
- ✓Oil prices reached $87 per barrel on Tuesday as a four-week high. (Source: Al Jazeera English description)
- ✓The Strait of Hormuz handles roughly 20% of global oil and liquefied natural gas supplies. (Source: Al Jazeera English description; widely corroborated in energy reporting)
- ✓Crude prices briefly surged above $120 per barrel during fighting between Iran, the US, and Israel in 2026. (Source: Al Jazeera English description)
- ✓US Mainstream Media has covered this story extensively (74 articles found). (Source: TopNewsClips data)
~ Interpretation
- ~Tensions in the Strait of Hormuz are driving current oil price increases. (Source: Al Jazeera framing in title and description)
🌍 World View, How others are covering this
According to the Associated Press, the United States intensified strikes on Iran early Thursday, hitting targets further north and firing on a ship the U.S. accused of attempting to break its naval blockade of Iran. Iran retaliated before dawn with missile and drone attacks on U.S. allies in the region and warned its strikes may escalate further.
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