Oil Hits One-Month High Near $85 as Hormuz Blockade Persists

Oil extended its sharp rally into July 14, with Brent reaching $84.98 and WTI at $79.79 after Monday’s 9.6% surge. Prices had collapsed to a session low of $71.64 on July 9 before reversing on reports of missile strikes on Saudi targets and President Trump’s reinstatement of the U.S. naval blockade in the Strait of Hormuz. The move, the largest daily gain since 2020, reflects market bets that supply disruptions will remain elevated despite rising OPEC+ and U.S. output. Analysts now flag $85–$90 as the next test if tensions continue.