---
title: "Oil Surges Above US$95 as US-Iran Hostilities Continue"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-07-22T10:21:13+00:00"
modified: "2026-07-22T10:30:58+00:00"
date: 2026-07-22
canonical: "https://www.share-talk.com/oil-surges-above-us95-as-us-iran-hostilities-continue/"
category: "Energy"
categories: ["Energy"]
tags: ["Andy Burnham", "England", "gas", "Iran", "Jackdaw Gas Field.", "North Sea licences", "oil", "President Donald Trump", "Rosebank oil field", "Scotland", "Strait of Hormuz", "Tehran", "UK", "UK energy policy", "USA"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/Strait-of-Hormuz-4-march-second-image-scaled.webp?fit=1920%2C1281&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Oil Surges Above US$95 as US-Iran Hostilities Continue

**Published:** July 22, 2026
**Author:** sharetalk
**Categories:** Energy
**Tags:** Andy Burnham, England, gas, Iran, Jackdaw Gas Field., North Sea licences, oil, President Donald Trump, Rosebank oil field, Scotland, Strait of Hormuz, Tehran, UK, UK energy policy, USA
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/03/Strait-of-Hormuz-4-march-second-image-scaled.webp?fit=1920%2C1281&quality=80&ssl=1)

---

Oil prices climbed more than 4% on Wednesday as renewed fighting between the US and Iran raised fresh concerns over global energy supplies.

Brent crude rose above US$95.43 a barrel, extending gains for a fourth consecutive session. The move followed President Donald Trump playing down the prospect of talks with Tehran and warning of further military action.

Oil prices have risen by around 20% this month as Washington and Tehran continue to exchange fire.

The US carried out its eleventh consecutive night of strikes against Iran, keeping markets focused on the risk of wider disruption across the Middle East.

Tensions have been further heightened by the Iran-backed Houthi movement threatening a naval blockade of Saudi Arabian ports. The escalation has raised concerns over energy infrastructure and key shipping routes, including the Strait of Hormuz and the Red Sea.

**Goldman Sachs Warns Brent Could Top US$120 in Bullish Scenario**

Goldman Sachs analysts have warned that Brent crude could rise above US$120 a barrel by the fourth quarter if Middle East supply risks intensify.

The forecast was included in a note sent on Monday, according to Bloomberg. The US bank stressed that a move above US$120 is not its base case assumption.

However, the warning highlights growing concern that continued US-Iran hostilities and threats to key shipping routes could push oil prices sharply higher.

Brent has already risen strongly this month as traders price in the risk of disruption around the Strait of Hormuz and wider regional energy infrastructure.

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