Crude Oil Prices Jump Over 4% After US and Iran Launch New Round of Strikes

Crude oil prices rallied sharply in Asian trading after renewed conflict between the United States and Iran fuelled concerns over global energy supplies, as per news reports. The latest escalation followed Iran's announcement that it had closed the Strait of Hormuz, one of the world's most important oil shipping routes, increasing fears of supply disruptions. 

As of July 13, 2026, at 7:05 AM, Brent crude futures climbed 4.41% to US$79.36 per barrel, while West Texas Intermediate (WTI) crude futures gained 4.43% to US$74.57 per barrel. Both benchmark contracts had already posted gains of more than 4% during the previous week as geopolitical tensions intensified. 

Strait of Hormuz Closure Raises Supply Concerns 

Oil prices surged after Iran expanded missile and drone attacks to Gulf nations, including Qatar and the United Arab Emirates, in response to recent U.S. military strikes. Tehran subsequently declared the Strait of Hormuz closed after a commercial vessel was reportedly hit, heightening concerns over global crude exports. 

The United States rejected Iran's claim, with President Donald Trump stating that commercial shipping remained open under U.S. protection. However, shipping activity reportedly slowed significantly over the weekend, reinforcing concerns that prolonged disruptions could tighten global oil supplies. 

Global Energy Markets Remain on Alert 

The Strait of Hormuz is the primary export route for crude oil from Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and several other Gulf producers. Any extended disruption could force refiners, particularly across Asia, to source oil from alternative suppliers while increasing freight and insurance costs. 

Market participants are also monitoring whether major oil-producing nations will coordinate a response or whether strategic petroleum reserves could be released to stabilise supplies if the situation deteriorates further. 

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Conclusion 

Crude oil prices remain highly sensitive to developments in the Middle East as geopolitical tensions continue to drive market sentiment. With uncertainty surrounding the Strait of Hormuz and global supply chains, oil markets are likely to remain volatile in the near term. 

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