Oil prices up 2 per cent as Iran and US inch closer to all out war

Oil prices jumped more than 2% on Monday, with Brent crude above $90 a barrel as the U.S. and Iran moved closer to resuming an all-out war.

Brent crude, the international standard, rose 2.6% to $90.40 per barrel and benchmark U.S. crude climbed 2.2% to $83.58 per barrel.

Early Monday, the U.S. announced more attacks for a ninth straight night. Iran has been responding to strikes by hitting U.S.-allies across the Middle East.

“The U.S. and Iran continue to exchange strikes, which are proving to be deadly for both sides,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Monday.

“If this escalation goes unchecked, we could return to an environment of wide-scale attacks across the Persian Gulf.”

Read the full story:

James Reynolds20 July 2026 11:30

Iran congratulates 'friendly' Spain on World Cup win

Iranian president Masoud Pezeshian took to social media to congratulate Spain on their World Cup win.

“I congratulate the people and government of Spain on the national football team's success and well-deserved championship title in the World Cup,” he said this morning.

“The joy of the friendly people and government of Spain is the joy of the people and government of Iran.”

James Reynolds20 July 2026 11:00

Iran still hearing from mediators: foreign ministry

Iran continues to receive messages from intermediaries despite the apparent halt to talks aimed at ending the war, the foreign ministry said today.

Spokesperson Esmail Baghaei rejected the dichotomy of war or diplomacy and said Iran would use both as a “tool” to pursue its national interests.

James Reynolds20 July 2026 10:30

Iran to 'pursue diplomacy based on its national interests'

Tehran pursues war and diplomacy based on its national interests, Iran’s foreign ministry spokesperson said on Monday, after being asked whether the door to talks with the U.S. was now closed.

“I reject the duality of either war or diplomacy. Diplomacy is a tool through which we pursue our national interests, just like war,” Esmaeil Baghaei said.

James Reynolds20 July 2026 10:00

Recap: Two US service members killed by Iranian attacks in Jordan, military says

At least two U.S. service members were killed in action while defending against Iranian ballistic missile and drone attacks in Jordan, marking the first American deaths in the aftermath of a tenuous ceasefire agreement earlier this year, according to U.S. Central Command.

Another service member is missing after Friday’s attacks, according to the Department of Defense.

Four American service members were medically evacuated to Jordanian hospitals and have since been discharged, Central Command announced Saturday.

James Reynolds20 July 2026 09:30

Oil prices up 2 per cent as Iran and US inch closer to all out war

Oil prices jumped more than 2% on Monday, with Brent crude above $90 a barrel as the U.S. and Iran moved closer to resuming an all-out war.

Brent crude, the international standard, rose 2.6% to $90.40 per barrel and benchmark U.S. crude climbed 2.2% to $83.58 per barrel.

Early Monday, the U.S. announced more attacks for a ninth straight night. Iran has been responding to strikes by hitting U.S.-allies across the Middle East.

“The U.S. and Iran continue to exchange strikes, which are proving to be deadly for both sides,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Monday.

“If this escalation goes unchecked, we could return to an environment of wide-scale attacks across the Persian Gulf.”

Read the full story:

James Reynolds20 July 2026 09:00

Latest: US and Iran trade strikes for a ninth day

Here’s the latest on Monday morning:

- The United States said it had struck Iran for a ninth consecutive day.

- Explosions were heard in Tabriz, Chabahar, Konarak, Bandar Mahshahr and Bandar Imam Khomeini, according to Iran’s Tasnim news agency.

- The IRGC said meanwhile that they had targeted US aircraft in Jordan, as well as US military assets and equipment in Kuwait and in Syria. Sirens also sounded in Bahrain.

- The UKMTO reported on an attack on a ship off Oman. It was not immediately reported what hit it, but the crew made it off safely.

- Oil rose by more than 2 per cent on Monday as both sides inched closer to all out war.

James Reynolds20 July 2026 08:30

Trump 'planning return to wider war': US official

An American official familiar with internal talks tells the Washington Post that the US is preparing for a return to a “wider war” following days of escalatory strikes.

The official cautions that any operations will be limited by stockpile shortages of air defences and long-range munitions, however.

“We do not have enough to safely sustain operations, and I don’t think the White House is aware of that,” the official says.

James Reynolds20 July 2026 08:00

New: Vessel struck with unknown projectile off Oman, says UKMTO

The UKMTO agency is reporting that a vessel has been struck off Oman’s Kumzar.

They say it was hit by an as yet unknown projectile, and that the crew has safely abandoned the ship.

The vessel is currently adrift and the fire on board is yet to be extinguished, they say.

James Reynolds20 July 2026 07:53

Gulf states intercept drones and missiles as attacks intensify

Bahrain, Kuwait and Jordan reported intercepting Iranian drones and missiles as attacks across the region intensified.

Bahrain’s ministry of interior activated warning sirens and urged residents to “remain calm and head to the nearest safe place”, while the US embassy in Manama warned American citizens that Iran may be planning attacks on the capital and advised them to take precautionary measures.

Kuwait’s military said it was responding to a series of drone attacks, while Jordan reported intercepting at least three missiles, with another landing in an open area.

The Islamic Revolutionary Guard Corps (IRGC) claimed it had targeted a weapons depot and air defence radar system in Kuwait, though Kuwaiti authorities have not confirmed those claims and instead said they were dealing with the aftermath of an attack on a power and water desalination facility.

The strike on civilian infrastructure has drawn condemnation from countries across the region.

Maroosha Muzaffar20 July 2026 07:30