Oil Prices Today Edge Higher as US Strikes Iran for 11th Consecutive Night, Kuwait Reports Drone Attacks
- July 22, 2026
- Posted by: Kunal Singla
- Category: News
Oil prices today: Brent crude up 0.55 percent at 91.51 dollars. WTI up 0.36 percent at 84.64 dollars. US strikes Iran for 11th straight night, Kuwait reports drone attacks.
Oil prices today inched higher in early trading on Wednesday as fears of further supply disruptions intensified after US forces said they began striking Iranian military targets for the 11th straight night, while Kuwait reported attacks by Iranian drones.
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Oil Prices Today: Key Levels
| Benchmark | Price | Change |
|---|---|---|
| Brent Crude Futures | $91.51 per barrel | +0.55 percent (+50 cents) |
| US WTI Crude | $84.64 per barrel | +0.36 percent (+30 cents) |
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Why Oil Prices Today Are Rising
Oil prices today reflect an escalating military standoff that has now stretched into an eleventh consecutive night of US strikes on Iranian military targets. Adding to the tension, Kuwait reported attacks by Iranian drones, widening the geographic scope of the conflict beyond Iran’s immediate borders and raising fresh concerns about the safety of shipping and energy infrastructure across the wider Gulf region.
Today’s move follows a five week high in oil prices on Tuesday, when US forces struck targets in southern and western Iran, while Iran attacked US facilities in Bahrain, Kuwait and Jordan in response. The pattern of strike and counter strike over recent sessions has kept a geopolitical risk premium firmly embedded in crude benchmarks, even as today’s gains, at 0.55 percent for Brent and 0.36 percent for WTI, were more measured than some of the sharper single day moves seen earlier in the conflict.
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What Rising Oil Prices Today Mean for India
As one of the world’s largest oil importing economies, India is directly exposed to sustained moves in oil prices today, since higher crude costs widen the trade deficit, add pressure to the rupee, and can feed through into domestic inflation via fuel and transportation costs. Oil marketing companies such as Bharat Petroleum and Hindustan Petroleum, along with aviation and logistics companies, are among the sectors most sensitive to crude oil price swings on the cost side, while upstream producers can see relative benefit from higher realisations.
The trading volume accompanying today’s move was described as low, which suggests the market is still processing the latest escalation rather than making a decisive directional bet. Investors and traders should watch for any further escalation, including potential disruption to shipping through the Strait of Hormuz, which remains the single biggest tail risk that could push oil prices today sharply higher from current levels.
Tracking the US-Iran Conflict Timeline
The current phase of hostilities has now extended well beyond initial expectations, with strikes and counter strikes occurring on a near nightly basis over the past eleven days. Kuwait’s reported drone attack marks an expansion of the conflict’s geographic footprint into Gulf states beyond Iran and its immediate neighbours, a development that traders are watching closely for signs of broader regional escalation involving additional countries and energy infrastructure.
Energy markets have shown a pattern of sharp spikes on individual escalation headlines followed by partial retracement once the immediate news is absorbed, a dynamic that has repeated multiple times through this conflict. This pattern makes single day moves, including today’s relatively modest gains, less informative than the cumulative trend over several sessions when it comes to assessing the underlying direction of crude benchmarks.
Frequently Asked Questions
Why are oil prices today rising?
Ans. Oil prices today are rising on fears of further supply disruptions after US forces struck Iranian military targets for an 11th straight night and Kuwait reported attacks by Iranian drones.
What is the Brent crude price in oil prices today?
Ans. In oil prices today, Brent crude futures rose 0.55 percent, or 50 cents, to $91.51 per barrel after markets opened on Wednesday.
What is the WTI crude price in oil prices today?
Ans. In oil prices today, US West Texas Intermediate crude climbed 0.36 percent, or 30 cents, to $84.64 per barrel in low volume trading.
What happened with oil prices in the previous session?
Ans. Oil settled at a five week high on Tuesday after US forces struck targets in southern and western Iran, while Iran attacked US facilities in Bahrain, Kuwait and Jordan.
How do rising oil prices today affect India?
Ans. Rising oil prices today widen India’s trade deficit and add pressure on the rupee and inflation, given the country’s heavy reliance on imported crude oil.
Should I make trading decisions based only on oil prices today?
Ans. This article does not constitute investment advice. Investors should track the evolving geopolitical situation and consult a SEBI registered investment advisor before investing.
Where can I track oil prices today and crude oil market updates live?
Ans. You can track oil prices today and other crude oil market updates on the Univest app and website.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
