On July 14th, the United States military launched a new round of airstrikes against multiple Iranian military targets and announced the reinstatement of a maritime blockade on Iranian ports. The escalating situation in the Middle East caused international oil prices to fluctuate and rise on Wednesday.

By the close of trading, the August delivery West Texas Intermediate (WTI) crude oil futures contract on the New York Mercantile Exchange had risen 0.45% to settle at $79.70 per barrel. The September delivery Brent crude oil futures contract on the London exchange increased 0.68%, closing at $85.31 per barrel.

The US Central Command issued a statement indicating that US forces conducted a seven-hour precision strike on Tuesday evening against dozens of military targets near the Strait of Hormuz and along the Iranian coast. The operation involved fighter jets, drones, and naval vessels, with the stated aim of degrading Iran's ability to threaten commercial shipping lanes. Concurrently, the US military formally reinstated a maritime blockade on vessels entering and exiting Iranian ports and coastal areas that afternoon. US Central Command Commander Brad Cooper accused Iran of attacking multiple merchant ships over the past week, resulting in civilian casualties.

Market analysts noted that the US military's reinstatement of the maritime blockade and its intensive airstrikes on Iran have shattered the market's previous optimistic expectations for a swift reopening of the Strait of Hormuz. Should the current intensity of military conflict persist, international oil prices could potentially retest the high level of $100 per barrel. Furthermore, if regional energy infrastructure comes under direct attack, oil prices would face even greater upward pressure.