Brent crude rose above $85 a barrel on Wednesday and West Texas Intermediate (WTI) cleared $80, extending a three-day rally as US and Iranian forces trade strikes near the Strait of Hormuz. According to BeInCrypto, Sparta Commodities analyst June Goh said the reserve buffer that absorbed months of supply shocks is nearly empty after Washington drew down the Strategic Petroleum Reserve (SPR), raising the risk of a sharp price jump if tensions escalate.
President Donald Trump told Fox News strikes will intensify next week unless Tehran returns to talks, while the US reimposed a naval blockade on Iranian ports and dropped a proposed 20% fee on Hormuz cargo. TD Securities’ Bart Melek said $100 oil is possible if shortage risks rise.
Brent Breaks Above $85, WTI Clears $80 as SPR Buffer Thins Amid US-Iran Strikes
2026-07-15 03:35:45
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