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Oil jumps more than 3% after US, Iran launch strikes in Mideast - Finance news and analysis from Global Banking & Finance Review
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Oil jumps more than 3% after US, Iran launch strikes in Mideast

Published by Global Banking & Finance Review

Posted on July 12, 2026

1 min read

· Last updated: July 12, 2026

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Finance Markets Oil Commodities

Oil Prices Jump 3% After US and Iran Launch Strikes in the Middle East

Market Reaction to Middle East Tensions

Immediate Impact on Oil Prices

SINGAPORE, July 13 (Reuters) - Oil prices jumped on Monday as Iran expanded strikes on Gulf states following attacks by the United States, threatening energy shipments via the Strait of Hormuz.

Brent and WTI Crude Futures Surge

Brent crude futures climbed $2.67, or 3.51%, to $78.68 by 2204 GMT, while U.S. West Texas Intermediate crude was at $73.89 a barrel, up $2.48, or 3.47%.

Reporting and Editorial Notes

(Reporting by Florence Tan; Editing by Edmund Klamann)

Key Takeaways

  • Brent crude rose about 3.51% to $78.68 and WTI gained 3.47% to $73.89, reflecting supply‐risk premium from renewed hostilities.
  • The U.S. military conducted fresh strikes on Iran after Iranian missile attacks on three commercial vessels in the Strait of Hormuz, prompting Washington to revoke Iran’s oil export license—intensifying the geopolitical risk clouding markets.
  • The troubled Strait of Hormuz, responsible for a fifth or more of global seaborne oil flows, remains a key flashpoint; any prolonged closure or disruption could trigger further oil price volatility.

Frequently Asked Questions

Why did oil prices rise more than 3%?
Oil prices surged due to expanded Iranian strikes on Gulf states following US attacks, raising concerns over energy shipments.
Which oil benchmarks saw significant increases?
Brent crude futures rose $2.67 to $78.68, while US West Texas Intermediate crude jumped $2.48 to $73.89.
How might the Strait of Hormuz tensions affect oil markets?
Tensions in the Strait of Hormuz threaten the flow of energy shipments, potentially leading to higher oil prices globally.
Who reported on the oil price movement in the article?
The oil price changes were reported by Florence Tan and edited by Edmund Klamann.

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