Oil Price Today: Brent Jumps Above $79 as US-Iran Tensions Escalate

Key Takeaways

• Brent crude climbed approximately 4.1% to around $79.15 per barrel.

• WTI oil advanced about 4.1% to approximately $74.33 per barrel.

• Renewed US-Iran attacks restored concerns about shipping through the Strait of Hormuz.

• Iran claimed restrictions on the waterway, although the United States maintained that it remained open to commercial traffic.

• Brent’s immediate test is the $80 level, while WTI is approaching resistance around $75.

Oil Prices Surge as Middle East Supply Risks Return

Oil prices rose sharply on Monday as renewed hostilities between the United States and Iran revived concerns about supplies moving through the Strait of Hormuz. Brent crude approached $80 per barrel, while West Texas Intermediate moved above $74 as traders rebuilt a geopolitical risk premium that had eased during recent diplomatic negotiations.

The rally followed another exchange of attacks over the weekend, increasing uncertainty over whether the recent improvement in Gulf shipping can continue. Market participants are now monitoring tanker movements, diplomatic statements and any evidence of physical supply disruption.

Brent and WTI Oil Prices Rise More Than 4%

The oil price today showed a strong upward move during Asian trading on 13 July 2026.

Brent crude traded near $79.15 per barrel, rising approximately 4.1% from Friday’s settlement. WTI crude stood around $74.33, also gaining about 4.1%. Brent reached an intraday high near $79.20, while WTI moved as high as approximately $74.65.

The latest advance builds on last week’s gains. Brent rose around 5.5% over the previous week, while WTI added nearly 4%, despite both benchmarks ending Friday slightly lower. Brent settled at $76.01 on Friday, and WTI finished at $71.41.

Renewed US-Iran Attacks Restore the Geopolitical Risk Premium

The latest rally followed renewed military exchanges between US and Iranian forces. Reports indicated that Iran launched attacks across the Gulf, while the United States responded with another series of strikes against Iranian targets.

Iran also claimed that the Strait of Hormuz had been closed temporarily after a commercial vessel allegedly used an unauthorised route. However, US President Donald Trump said the waterway remained open to commercial traffic.

Ship-tracking information cited by Reuters showed that only six vessels passed through the strait on Sunday, representing the lowest number in five weeks. The reduced traffic increased concerns that tanker operators may delay voyages because of security risks, even without a formally verified closure.

The conflicting statements leave traders facing considerable uncertainty. The market must distinguish between temporary delays, voluntary shipping restrictions and a sustained disruption capable of removing significant volumes from global supply.

Why the Strait of Hormuz Matters to Oil Markets

The Strait of Hormuz is one of the world’s most important energy corridors. Around 20 million barrels per day of crude oil and petroleum products normally pass through the waterway, equivalent to approximately 20% of global oil consumption.

Asia is particularly exposed. About 80% of the oil and oil products transported through Hormuz in 2025 were destined for Asian markets. The strait is also important for liquefied natural gas, handling almost one-fifth of global LNG trade. Approximately 93% of Qatar’s LNG exports and 96% of the UAE’s LNG exports used this route during 2025.

A prolonged reduction in tanker traffic could therefore affect crude availability, shipping costs and refining margins. Import-dependent economies may face higher energy costs, while Gulf exporters could benefit from stronger benchmark prices but remain exposed to regional security and logistical risks.

Recent Oil Supply Recovery Faces a New Test

The latest escalation comes after global oil supplies began recovering from earlier disruptions.

According to the International Energy Agency, global supply rebounded by 4.1 million barrels per day in June to 98.8 million barrels per day. The recovery reflected a partial resumption of flows through Hormuz and improved production across the Gulf.

However, global output remained approximately 9.4 million barrels per day below pre-war levels. This means the market may still be vulnerable to further shipping restrictions or damage to regional energy infrastructure.

Before the latest attacks, several factors had been limiting oil-price gains. OPEC+ had agreed to raise its production target for August, Saudi Arabia reduced its official selling prices, and tanker activity through Hormuz was gradually improving.

These supply-side developments could again place downward pressure on prices if tensions ease. For now, however, the renewed security risk has become the dominant short-term driver.

Higher Oil Prices Renew Inflation Concerns

The oil-price increase is affecting markets beyond the energy sector. Asian equities weakened, US stock futures declined and the dollar strengthened as investors considered the potential inflationary consequences of higher fuel costs.

Brent gained approximately 3.3% to $78.50 during early Asian trading, while WTI advanced about 3.4% to $73.83 before extending its rise later in the session.

Persistently, higher crude prices could increase transportation, manufacturing and consumer energy costs. Airlines and other fuel-intensive companies may face additional pressure, while oil producers could benefit from stronger realised prices.

The timing is also important for monetary-policy expectations. Markets are awaiting US inflation data and further signals from Federal Reserve officials. A sustained energy-price shock could complicate the inflation outlook, although a single-day increase would not necessarily change the central bank’s policy direction.

Oil Price Outlook: Can Brent Break Above $80?

Brent’s next major psychological level is $80 per barrel. A sustained move above this area could attract additional momentum, particularly if tanker traffic declines further or new attacks affect energy infrastructure.

WTI is approaching a similar resistance area near $75. A break above that level would place the US benchmark at its highest price since early July.

However, the outlook remains highly dependent on geopolitical developments rather than conventional supply-and-demand indicators.

A verified shipping disruption, further attacks on commercial vessels or a breakdown in US-Iran negotiations could push prices higher. Conversely, confirmation that Hormuz remains open, an improvement in tanker movements or renewed diplomatic engagement could reduce geopolitical premium.

Friday’s settlement levels of $76.01 for Brent and $71.41 for WTI provide useful downside reference points if the latest rally begins to reverse.

For now, the oil market remains volatile, with traders balancing immediate security risks against expectations of higher OPEC+ production and a possible recovery in Gulf exports.