Oil jumps 3% after US, Iran escalate strikes in Mideast


By Florence Tan

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 crude ‌futures climbed $2.34, or 3.08%, to $78.35 by 2311 GMT, while U.S. West Texas Intermediate crude rose $2.21, ​or 3.09%, to $73.62 a barrel.

Over the weekend, Tehran extended strikes on Qatar and the United Arab Emirates while the U.S. launched further strikes on Iran, the latest in a cycle of attacks and counter-attacks over shipping through the strait.

U.S. ‌President Donald Trump said on ⁠Sunday that the Strait of Hormuz is open to commercial traffic, although Iran declared earlier that it closed the ⁠strait after a vessel traveled on an unapproved route and was struck.

Six vessels transited the strait on Sunday, shiptracking data from Kpler showed, the lowest number in ​five weeks.

The ​escalating attacks cast further doubt on ​the future of an interim U.S.-Iranian ‌agreement signed last month that aimed to reopen the strait and end the war after a further 60 days of negotiations.

Following the agreement, global oil supply rose by 4.1 million barrels per day in June, but remained 9.4 million bpd below pre-war levels, the International Energy Agency said in its ‌monthly report on Friday.

“Hopes of a relatively ​quick resolution to the recent skirmishes may be ​in doubt after tension escalated ​over the weekend,” ANZ analysts said in a note.

IG ‌market analyst Tony Sycamore said the relatively ​tame rise in ​oil prices suggested the market was taking the view that the current flare up represented an escalation within a fragile truce and fell ​well short of a ‌complete collapse of the ceasefire.

“How accurate that view is remains to ​be seen,” he said in a note.

(Reporting by Florence Tan; Editing ​by Edmund Klamann and Sonali Paul)



Source link

  • Related Posts

    Dely Valdés: “Faltó el gol de Panamá” | Rumbo a la gran final

    El experto analizó el desempeño del seleccionado canalero y aunque reconoció un crecimiento, también sabe que necesitan apoyar el proyecto y no truncarlo. Source link

    China is Supercharging a Rooftop Solar Boom in the Philippines

    One indicator is that demand has now expanded far beyond Manila into regional centers like Davao, where enthusiasts crammed the mall, fueling a leap in revenue. In 2025, Jinko’s sales to the…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Shooting in Southern Illinois Leaves Five Family Members Dead

    Shooting in Southern Illinois Leaves Five Family Members Dead

    Dely Valdés: “Faltó el gol de Panamá” | Rumbo a la gran final

    Dely Valdés: “Faltó el gol de Panamá” | Rumbo a la gran final

    Betnijah Laney-Hamilton ejected after tossing shoe that hit Marina Mabrey

    Betnijah Laney-Hamilton ejected after tossing shoe that hit Marina Mabrey

    Why Virgin Atlantic’s 397-Seat Airbus A350-1000 Is Quietly Outearning Its Premium-Heavy Sister Jet

    Why Virgin Atlantic’s 397-Seat Airbus A350-1000 Is Quietly Outearning Its Premium-Heavy Sister Jet

    At least 27 dead as fire engulfs popular Bangkok pub near Chatuchak market | Hospitality Industry News

    At least 27 dead as fire engulfs popular Bangkok pub near Chatuchak market | Hospitality Industry News

    Michelle Obama was always a savvy dresser. At 62, she's hit a bold new stride that leaves MAGA fashion in the dust

    Michelle Obama was always a savvy dresser. At 62, she's hit a bold new stride that leaves MAGA fashion in the dust