Oil prices surged more than 3 per cent on 13 July as the United States and Iran exchanged fresh rounds of strikes, reigniting fears of a prolonged disruption to the Strait of Hormuz — a chokepoint through which a significant share of the world's seaborne crude transits daily. The escalation pushed energy markets into their sharpest single-session rally in weeks.

Market Reaction

US crude futures climbed 3.4 per cent to $73.87 a barrel by 6:03 pm ET, while Brent crude, the international benchmark, gained 3.5 per cent to $78.67 a barrel. Some reports placed Brent closer to $79 a barrel — approximately 9 per cent above its pre-conflict price — reflecting how swiftly the military escalation translated into energy-market anxiety.

Third Wave of US Strikes in 24 Hours

According to reports, the overnight operation marked the third wave of American strikes against Iran within 24 hours. Earlier rounds targeted Iranian missile systems, air-defence installations, small patrol boats, radar arrays, and weapons storage sites positioned around the waterway.

US Central Command (CENTCOM) confirmed the latest action in a statement: 'At 5 pm ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz.' CENTCOM added that 'the Commander in Chief has directed the strikes to hold Iranian forces accountable.'

Iranian forces reportedly fired on commercial vessels around the time of the latest US operation. CENTCOM spokesman Capt. Tim Hawkins said American aircraft shot down an Iranian cruise missile and a one-way attack drone during the engagement.

Iran Claims Strait Closed; US Disputes It

Iran declared the strait closed until further notice — a claim CENTCOM flatly rejected. 'Iran does not control the strait. Traffic is flowing,' CENTCOM said. Maritime intelligence firm Windward tracked nine ships passing through the strait on Saturday, and the Joint Maritime Information Center confirmed the southern route through Omani waters remained open to both inbound and outbound traffic, though it advised mariners to exercise 'extreme vigilance.'

Shipping Volumes Collapse

Despite the strait technically remaining navigable, shipping volumes have fallen sharply. More than 130 vessels transited the strait each day before the conflict began; that figure dropped to just 22 on Thursday, according to maritime data firm Kpler. Amena Bakr, Kpler's head of Middle East research, described the confidence collapse bluntly: 'That confidence eroded very, very quickly. We're back to square one when it comes to that situation.'

Wider Regional Impact

Reports indicate the US struck approximately 140 Iranian targets in its overnight assault. Iran retaliated against sites across the Gulf. Kuwait confirmed that attacks damaged three border posts and an offshore oil platform, injuring one worker. The widening of strikes into Gulf state territory signals a risk of broader regional entanglement that energy traders are now pricing in.

With shipping confidence shattered and military operations ongoing, markets will remain on edge until either a ceasefire emerges or alternative supply routes are confirmed as viable at scale.