Strait of Hormuz tensions have pushed oil prices up 24% in July as US-Iran conflict threatens one of the world’s most critical energy corridors. Strait of Hormuz tensions push oil prices up 24% in July as US-Iran conflict threatens key shipping routes and global energy flows. Related: Iran Hormuz Ban Over Frozen Asset PaymentsTensions Driving Oil Prices Up 24%Strait of Hormuz tensions have sent oil prices surging 24% in July, the steepest monthly increase since March, as renewed hostilities between the United States and Iran disrupted one of the world’s most critical energy corridors. Strait of Hormuz and the oil price surgeThe Strait of Hormuz has become the focal point of a widening conflict that has already reshaped global oil flows. Although oil prices fell about 6% over the week, the monthly increase of 24% underscores how quickly the Strait of Hormuz can shift market sentiment.