US-Iran Conflict Combined with Red Sea Risk Pushes International Oil Prices to Five-Week High

On July 21st local time, due to escalating mutual attacks between the US and Iran, as well as threats from Houthi rebels in Yemen to block Saudi Arabian shipping, international oil prices rose by about 2%, reaching the highest level in five weeks. Brent crude oil futures rose by $1.79, or 2%, to close at $91.01 per barrel; US West Texas Intermediate crude oil futures rose by $1.68, or 2%, to close at $84.91 per barrel. Brent crude oil reached its highest closing price since June 10th, while West Texas Intermediate crude oil reached its highest since June 11th.