The United States has initiated a new wave of military strikes on Iran, aiming to degrade Tehran's capability to threaten shipping in the Strait of Hormuz. This escalation comes amid an intensifying standoff between Washington and Tehran over control of this critical waterway.

Brent crude, the main international oil benchmark, surged more than 4 percent on Monday, July 13th, 2026, reflecting heightened geopolitical tensions. Oil prices, which had returned to pre-conflict levels following a memorandum of understanding signed by Washington and Tehran on June 17th to end hostilities, are now approximately 9 percent higher than before the initial US and Israeli strikes on Iran in late February.

US Central Command (CENTCOM) reported carrying out dozens of strikes on Iran to reduce its ability to attack vessels in the strait, following hundreds of strikes on targets within the country. Despite the June memorandum, maritime traffic in the Strait of Hormuz has sharply declined amid renewed fighting.

Mukesh Sahdev, founder and chief oil analyst at XAnalysts in Sydney, Australia, anticipates Brent crude prices to remain in the upper $70s per barrel during August and September due to ongoing geopolitical uncertainty.

Sources