Oil prices are likely to continue to rise slightly as long as the attacks continue and the passage through the Strait of Hormuz is disrupted.Image: www.imago-images.de
Oil prices rose significantly on Monday after another wave of attacks by the US military. A barrel (159 liters) of the reference Brent variety for delivery in September recently rose by 4.46 percent to $79.40 in early trading. It was the fourth wave of attacks by the US since hostilities flared up again on Wednesday night.
July 13, 2026, 10:58July 13, 2026, 10:58
The wave of attacks was over and had hit dozens of targets with precision ammunition, the responsible US regional command Centcom announced on the online platform X early in the morning Central European time. The Strait of Hormuz is essential for global trade and is not controlled by Iran, Centcom emphasized. The US armed forces are ready to defend the freedom of civilian shipping – including against “Iran’s unjustified aggression, its harassment, threats and arbitrary statements.”
Iran said on Sunday it would close the strait “until further notice” while Islamic Republic forces launched drone and missile strikes on US allies in the Middle East, including Jordan and Qatar. Kuwait also reported that an offshore drilling platform had been hit and damaged.
The latest developments are escalating, but remain “well below a state of open war,” said Saul Kavonic, senior energy analyst at MST Marquee, to the Bloomberg news agency. Oil prices are likely to continue to rise slightly as long as the attacks continue and the passage through the Strait of Hormuz is disrupted.
In the first weeks and months of the conflict, the price of oil rose significantly. A barrel of the reference Brent variety had at times cost a little more than $126. (sda/awp/dpa)