Brent Rises on US-Iran Strikes

2026-07-13 10:43 By Agna Gabriel 1 min. read

Brent crude oil climbed more than 3% to above $78 per barrel on Monday after the US launched another round of strikes against Iran, intensifying concerns over supply disruptions in the Middle East.

The two sides offered conflicting accounts on the status of the Strait of Hormuz, with Iran declaring the waterway closed until further notice, while Western naval forces insisted it remained open to commercial shipping.

Tehran said efforts to ease tensions were continuing, although it acknowledged the interim peace agreement had entered a critical phase.

Iran also launched attacks against US allies in the region, while Kuwait reported damage to an offshore drilling platform, marking the first direct strike on energy infrastructure in weeks.

Tanker traffic through Hormuz remained subdued, although some vessels may have continued transiting without transmitting satellite signals.

The Joint Maritime Information Center said the Omani shipping corridor remained operational.



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Brent Rises on US-Iran Strikes
Brent crude oil climbed more than 3% to above $78 per barrel on Monday after the US launched another round of strikes against Iran, intensifying concerns over supply disruptions in the Middle East. The two sides offered conflicting accounts on the status of the Strait of Hormuz, with Iran declaring the waterway closed until further notice, while Western naval forces insisted it remained open to commercial shipping. Tehran said efforts to ease tensions were continuing, although it acknowledged the interim peace agreement had entered a critical phase. Iran also launched attacks against US allies in the region, while Kuwait reported damage to an offshore drilling platform, marking the first direct strike on energy infrastructure in weeks. Tanker traffic through Hormuz remained subdued, although some vessels may have continued transiting without transmitting satellite signals. The Joint Maritime Information Center said the Omani shipping corridor remained operational.
2026-07-13
Brent Jumps on Fresh US-Iran Strikes
Brent climbed about 4% to around $79 per barrel on Monday, snapping a two-day losing streak as the US and Iran continued to exchange missile strikes 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