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US-Iran Conflict: Oil Hits $90 After Hormuz Tanker Attack | Latest Escalations Spark Fears In India
Posted
July 20, 2026
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3:33Now PlayingThe Middle East conflict is once again rattling global markets. Oil prices have surged past 90 dollars a barrel after reports of tanker attacks in the Strait of Hormuz, as the United States carried out its ninth consecutive day of strikes on Iranian targets. The world's most critical oil shipping route is now under renewed threat, raising fears of supply disruptions and higher fuel costs. For India, one of the world's largest crude importers, the stakes couldn't be higher.
The fresh volatility comes after Washington launched its ninth straight day of military strikes targeting Iranian positions. Tehran, meanwhile, claims two oil tankers were damaged in the Strait, further intensifying concerns over the safety of commercial shipping through the region. The Strait of Hormuz is considered one of the world's most strategic maritime choke points. Any disruption here has immediate consequences for global energy markets because millions of barrels of crude oil and liquefied natural gas pass through the corridor every single day.
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