Reversing yesterday's plunge, crude oil prices surged on Wednesday amid concerns about the gulf conflict intensifying further after the U.S. and Iran recommenced attacks. The Strait of Hormuz continues to remain closed, keeping supply disruption concerns alive.
WTI Crude Oil for July month delivery was last seen trading up by $2.26 (or 2.56%) at $90.46 per barrel.
The Middle East crisis re-escalated following new attacks between the U.S. and Iran since late yesterday.
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Market Analysis
August 21, 2026 14:42 ET The minutes of the latest policy meeting of the Federal Reserve, housing market data and manufacturing sector survey results were the main news for the U.S. economy this week. In Europe, inflation data from the U.K. was the highlight, while consumer price data from Japan drew attention in Asia.