London: Global oil prices climbed sharply on July 13 as renewed military exchanges between the United States and Iran intensified concerns over the security of the Strait of Hormuz, one of the world’s most important energy shipping routes.
The latest escalation pushed Brent crude more than 4 percent higher, reversing earlier declines and increasing fears of fresh disruptions to global oil supplies. Brent crude futures for September delivery rose to their highest level since late June as investors reacted to growing geopolitical uncertainty.
The latest rally followed fresh US military strikes on Iran after Washington accused Iranian forces of attacking a Cyprus-flagged commercial vessel transiting the Strait of Hormuz. US Central Command said the operation targeted Iranian military infrastructure to reduce its ability to threaten international shipping, while reaffirming its commitment to protecting freedom of navigation through the strategic waterway.
Iran responded with missile and drone attacks targeting several Gulf countries, including the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Iranian authorities also repeated warnings that vessels using routes not approved by Tehran would not receive safe passage guarantees, further raising concerns among shipping companies and international traders.
Maritime traffic through the Strait of Hormuz has declined significantly following the renewed conflict. Shipping data showed far fewer vessels transiting the waterway compared with earlier weeks, reflecting growing caution among operators as security risks increased. The decline has added to concerns that prolonged instability could disrupt international energy markets and global supply chains.
Market analysts expect oil prices to remain elevated in the near term as investors continue to assess geopolitical developments. While additional oil supplies from other producers may help limit further price spikes, uncertainty surrounding the US-Iran conflict and the security of the Strait of Hormuz is expected to keep markets volatile in the coming weeks.
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