WTI Rises on New Iran Attacks, Ecuador Eyes Fuel Prices

Global oil prices surged on Monday, July 20, 2026, driven by heightened tensions in the Middle East. The West Texas Intermediate (WTI), a benchmark for Ecuadorian crude, climbed to $84 per barrel, marking an approximate 3.26% increase. International benchmark Brent crude surpassed $90 per barrel, reaching $90.84 during European market openings.

The price hike stems from escalating conflict between the United States and Iran, and concerns that hostilities could disrupt oil and fuel shipments through the critical Strait of Hormuz. This vital waterway accounts for about a fifth of global hydrocarbon trade. The market's anxiety grew following a new wave of U.S. airstrikes against Iran.

The U.S. military operations began after American soldiers were killed in attacks attributed to Iranian forces in Jordan and Iraq. U.S. Central Command stated these actions aim to degrade Iran's military capabilities used to threaten commercial and civilian vessels. In response, Iran launched attacks on U.S. positions in Gulf countries.

This intensification of hostilities has increased the perceived risk among oil traders, who fear attacks on energy facilities, vessels, or routes crucial for moving crude from the Middle East. The rising costs are also significant for Ecuador, which is scheduled to review the prices of its Extra and Ecopaís gasolines and premium diesel before August 12. Current prices remain in effect until August 11, with Extra and Ecopaís gasolines at $3.265 per gallon and premium diesel at $3.204 per gallon.