Oil hits six-week high as war threatens crude shipping routes

Middle East Monitor Middle East Monitor —

Commercial vessels and oil tankers preparing to transit through the Strait of Hormuz, one of the most critical strategic waterways for global trade flows, maintain their wait in the Gulf of Oman, on June 17, 2026. [Shady Alassar - Anadolu Agency]https://www.middleeastmonitor.com/wp-content/uploads/2026/06/AA-20260617-41701928-41701914-SHIPS_CONTINUE_TO_WAIT_IN_GULF_OF_OMAN_FOR_PASSAGE_THROUGH_STRAIT_OF_HORMUZ-1.jpg" style="margin-bottom: 15px;" width="1200" />
Oil prices rose to their highest levels in six weeks on Wednesday, with Brent crude nearing 99 dollars a barrel, as concerns over supply increased amid the escalating US-Iran war and growing Houthi threats against shipping in the Strait of Hormuz.

Oil prices settled at their highest level since 11 June, driven by fears of supply disruptions caused by the intensifying conflict between the United States and Iran and Houthi threats to target commercial vessels.

Brent crude futures rose by 3.06 dollars, or 3.36 per cent, to settle at 94.07 dollars a barrel, their highest closing level in about six weeks, after reaching an intraday high of 95.47 dollars.

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Oil Prices Surge Above $98 on Supply Fears