Oil Prices Rise as US-Iran Hostilities Threaten Red Sea Shipping

Oil prices rose on July 17, 2026, as renewed US-Iran hostilities intensified and raised the threat of Red Sea closure. The Houthis, an Iran-aligned group, are reportedly eyeing Red Sea shipping, which could disrupt a key oil chokepoint. Commodity prices swung as energy markets were disrupted by the attacks. Despite the threats, a South Korean oil tanker successfully transited through the Red Sea, the 14th such passage.