Brent Tops $80 as Trump Ends Ceasefire and Iran Closes Strait of Hormuz
Updated
Updated · IG International · Jul 13
Brent Tops $80 as Trump Ends Ceasefire and Iran Closes Strait of Hormuz
3 articles · Updated · IG International · Jul 13
Summary
Brent crude rose 5.4% last week and briefly topped $80 a barrel, while WTI gained 4.0% to about $76 after US-Iran strikes reignited supply fears.
Trump said the ceasefire was over but left room for talks, while Iran said it had closed the Strait of Hormuz after firing a warning shot at a vessel on an unapproved route.
The flare-up reversed markets' earlier best-case view of the conflict, even as the IEA reported June supply rebounded by 4.1 million barrels a day when stranded tankers rushed out of the strait.
That rebound still left output 9.4 million barrels a day below pre-war levels, and the agency's forecast for an oil surplus later this year is now at risk if disruptions persist.
The geopolitical shock lands ahead of US CPI, China GDP and major bank earnings this week, with hotter energy-driven inflation a key risk for markets.
With Iran imposing passage fees, will the world's most critical oil chokepoint ever return to normal?
With a US blockade in place and diplomacy failing, what is the next move in this high-stakes Gulf showdown?
As military strikes cause billions in damage, who will pay the price for the escalating US-Iran conflict?
Strait of Hormuz Crisis 2026: Global Oil Supply Disrupted, Shipping Halted, and Energy Security Redefined
Overview
In July 2026, tensions in the Strait of Hormuz escalated sharply after the United States struck Chabahar, Iran’s key commercial port. This marked a major shift in US strategy, aiming to disrupt Iran’s maritime operations and logistics. The attack immediately raised the risk of retaliation and further destabilized the region, causing severe uncertainty for global shipping and energy markets. As military actions targeted vital infrastructure, commercial shipping faced extreme threats, leading to significant disruptions in oil supply and global trade. The crisis highlights how quickly regional conflict can impact worldwide economic stability and energy security.