The war with Iran has turned oil prices into an unpredictable roller coaster. After soaring to $115 per barrel in April after the start of hostilities, prices for WTI crude oil fell to as low as $68.50 per barrel in early July when peace was thought to be imminent. Now, after fighting renewed, prices are back up to $84.30 per barrel.
When will the fighting end? That’s difficult to say. Neither side appears eager to end hostilities. In a statement today, Iran’s Foreign Minister Esmaeil Baqaei struck a defiant tone, explaining:
The repeated U.S. attacks and threats against Iran’s peaceful nuclear facilities not only constitute a flagrant violation of the core principles of the UN Charter, international law, and the relevant resolutions of the IAEA Board of Governors, General Conference, and UN Security Council, but also reveal the United States’ deep-rooted enmity toward Iran’s scientific progress and technological development.
Iran’s nuclear activities have been fully declared to the IAEA in accordance with its safeguards obligations. Washington’s obsessive focus on Kolang Kouh where no nuclear activity is taking place is nothing more than a fabricated pretext for aggression, destruction, and sabotage. By the way, where is the Director General of the IAEA, who is also a candidate for UN Secretary-General? The Iranian people stand resolute and united, ready to confront with full strength any act of U.S. hostility or violation of their country’s sovereignty and national security.
Meanwhile, President Trump told reporters at the White House, “Iran hasn’t seen anything yet.”
Iran hasn’t seen anything yet. pic.twitter.com/Q46oHTco7C
— The White House (@WhiteHouse) July 21, 2026
Action Line: Volatile oil prices will make predicting inflation difficult, and the job of Federal Reserve Chairman Kevin Warsh harder. Investors will be forced to react to Warsh’s actions. When you need help with your investment plan, email me at ejsmith@yoursurvivalguy.com. And click here to subscribe to my free monthly Survive & Thrive letter.
