Global oil prices rose sharply on Monday as renewed military action in the Middle East increased concerns over energy supplies and the security of one of the world’s busiest oil shipping routes.
Brent crude climbed 3.1% to US$78.35 a barrel, while U.S. West Texas Intermediate (WTI) rose 3.1% to US$73.62 as markets reacted to the latest escalation in the region.
Strait of Hormuz Back in Focus
The latest increase followed reports of expanding attacks involving Iran, the United States and Gulf states, adding fresh uncertainty to shipping through the Strait of Hormuz.
The waterway is one of the world’s most important energy corridors, carrying a large share of global crude oil exports. Any disruption can quickly affect international oil prices.
Although U.S. President Donald Trump said the strait remains open to commercial traffic, shipping activity slowed. According to ship-tracking data from Kpler, only six vessels passed through the route on Sunday, the lowest number recorded in five weeks.
Markets React to Rising Risks
The latest attacks have also raised doubts over the future of a temporary agreement between the United States and Iran that aimed to reduce tensions and keep the shipping route open.
Despite higher global oil production in June, analysts believe renewed geopolitical risks could keep energy markets volatile if the conflict continues.
Analysts at ANZ said hopes for a quick resolution have weakened following the latest escalation.
Meanwhile, IG market analyst Tony Sycamore said investors are still treating the conflict as an escalation within a fragile truce rather than a complete breakdown, although the situation could change rapidly.
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Last modified: July 13, 2026
