Brent Jumps on Fresh US-Iran Strikes

2026-07-12 23:48 By Jam Kaimo Samonte 1 min. read

Brent climbed about 4% to around $79 per barrel on Monday, snapping a two-day losing streak after the US and Iran exchanged fresh missile strikes over the weekend amid ongoing tensions over shipping through the Strait of Hormuz.

The US carried out its fourth strike in a week against Iran on Sunday in retaliation for an Iranian attack on a Cyprus-flagged container ship.

Tehran declared that the Strait of Hormuz would be closed "until further notice," although the claim was rejected by the US Central Command.

Oil prices have rebounded since last week as the renewed hostilities reversed part of the losses triggered by the interim US-Iran peace agreement, which had fueled expectations of increased Middle East energy supplies.

The latest escalation has weakened hopes for renewed diplomacy, with Tehran insisting that Washington must first fulfill its previous commitments on Hormuz transit and the normalization of Iranian oil exports before negotiations can resume.



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Brent Jumps on Fresh US-Iran Strikes
Brent climbed about 4% to around $79 per barrel on Monday, snapping a two-day losing streak after the US and Iran exchanged fresh missile strikes over the weekend amid ongoing tensions over shipping through the Strait of Hormuz. The US carried out its fourth strike in a week against Iran on Sunday in retaliation for an Iranian attack on a Cyprus-flagged container ship. Tehran declared that the Strait of Hormuz would be closed "until further notice," although the claim was rejected by the US Central Command. Oil prices have rebounded since last week as the renewed hostilities reversed part of the losses triggered by the interim US-Iran peace agreement, which had fueled expectations of increased Middle East energy supplies. The latest escalation has weakened hopes for renewed diplomacy, with Tehran insisting that Washington must first fulfill its previous commitments on Hormuz transit and the normalization of Iranian oil exports before negotiations can resume.
2026-07-12
Brent Posts Weekly Gain as Hormuz Risks Persist
Oil prices fell on Friday but still ended the week higher because the conflict between the United States and Iran continued to raise concerns about global energy supplies. Brent crude closed near $76 per barrel, recording a weekly gain of about 5%. Markets were encouraged by reports that the US and Iran will continue technical and peace talks despite renewed military exchanges and uncertainty over the ceasefire. However, shipping through the Strait of Hormuz, a critical route for around 20% of the world's oil and gas trade, remains significantly disrupted, keeping a risk premium in oil prices. The market expects the conflict to remain limited, but reduced tanker traffic and possible supply interruptions continue to support prices. Meanwhile, the International Energy Agency warned that prolonged tensions could delay rebuilding global oil inventories and disrupt the expected oil market balance.
2026-07-10
Brent Heads for Weekly Gain
Brent crude oil slipped to around $75.5 per barrel on Friday but remained on track for a weekly gain of about 4.7% as renewed US-Iran tensions disrupted shipping through the Strait of Hormuz and raised supply concerns. Markets continued to monitor developments after fresh attacks strained the ceasefire, although talks between Washington and Tehran are expected to continue. President Donald Trump said the two sides had agreed to keep negotiations open but warned that the ceasefire was effectively over following renewed hostilities. Earlier reports indicated technical discussions could resume, with a Qatari delegation arriving in Iran as part of diplomatic efforts. The IEA cautioned that a prolonged escalation could undermine plans to rebuild global oil inventories later this year. Meanwhile, the United Arab Emirates increased crude production to a record high last month, highlighting efforts by Gulf producers to maintain exports despite ongoing uncertainty.
2026-07-10