Oil Hits One-Month High as US-Iran Conflict Clouds Strait of Hormuz

Brent crude surged to $86.99 per barrel on July 14, up nearly $9 in a day and the highest level in a month, as renewed hostilities between the United States and Iran entered a third consecutive day and dimmed hopes for normal shipping through the Strait of Hormuz.

Energy stocks rallied on the move. Chevron, ExxonMobil, and Marathon Petroleum bounced back, with the Vanguard Energy ETF hitting its highest level since June 12. BP and Shell shares also jumped after the US said it would resume its blockade of Iranian ports.

Analysts see BP benefiting directly from higher crude and tighter supply, while Chevron could post a significant surge in free cash flow in the second half of 2026. The flip side: elevated fuel costs remain a headwind for airlines and other transport-heavy sectors.