Oil extends gains in post-settlement trading, WTI tops $80/bbl

Oil prices extended gains in post-settlement trading on July 15, 2026, with West Texas Intermediate (WTI) crude surpassing $80 per barrel for the first time in recent months. The price of WTI crude oil futures for August 2026 settled at $70.59 per barrel, but post-settlement trading saw the benchmark climb above $80 amid renewed geopolitical tensions and supply concerns in the Middle East. The rise reflects ongoing uncertainty over the stability of the Strait of Hormuz, a critical global oil transit route, following recent U.S. military actions and diplomatic shifts with Iran.

The upward movement in oil prices has been driven by a combination of factors, including escalating U.S.-Iran tensions, a naval blockade targeting Iranian ports, and U.S. strikes on military assets along Iran’s coastline. These developments have heightened concerns over potential disruptions to oil shipments through the strategic waterway. Meanwhile, U.S. crude oil inventories fell by 1.7 million barrels last week, according to the Energy Information Administration (EIA), adding further support to prices.

Despite the recent gains, analysts remain cautious. Tim Waterer, chief market analyst at KCM Trade, noted that while steps toward supply recovery have reduced the immediate risk premium, the market remains wary of the stability of the current truce between the U.S. and Iran. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, have agreed to increase output targets by 188,000 barrels per day starting in August, adding to the complexity of the market outlook.

Looking ahead, oil prices are expected to remain volatile as traders balance geopolitical risks with supply-side developments and demand expectations, particularly from key markets like China.