Brent crude tops $85 as Iran closes Strait of Hormuz to shipping

WASHINGTON, United States — Brent crude oil prices rose above $85 a barrel on Thursday afternoon, driven by supply concerns in the Middle East and continued US-Iran attacks. The global benchmark had gained roughly 12 percent over the previous three trading sessions after a limited pullback earlier in the day. Iran's Revolutionary Guards announced the closure of the Strait of Hormuz to maritime traffic "until further notice," citing US intervention in the region. The move follows reciprocal heavy strikes between Washington and Tehran. Iranian Army spokesman Mohammad Akraminia said the strait would remain shut until the United States accepted Iran's legal framework governing the waterway. In April 2026, Iran's parliamentary National Security and Foreign Policy Commission sent a bill regulating Iranian sovereignty over Hormuz to the wider parliament. India has directed shipowners, operators and employers not to place Indian seafarers on voyages passing through the strait because of attacks in the region. US Central Command said it struck Iranian coastal defense facilities and cruise missiles on Greater Tunb Island in a 90-minute operation, while Tehran bombed US facilities in Kuwait, Bahrain and Jordan. The escalation follows US President Donald Trump's July 8 announcement that a June 18 ceasefire had ended, citing the renewed outbreak of hostilities.