What You Need to Know
• Brent crude oil prices increased by over 4 percent on July 13, 2026, amid U.S.-Iran tensions.
• U.S. Central Command conducted numerous strikes against Iran following an attack on the MV GFS Galaxy.
• Maritime traffic through the Strait of Hormuz has sharply declined, with only six vessels crossing recently.
On July 13, 2026, U.S. Central Command General Kenneth McKenzie announced that oil prices surged as Brent crude rose more than 4 percent amid escalating hostilities between the United States and Iran over the Strait of Hormuz. Brent futures for September delivery reached $79.29 a barrel, the highest price since June 22. The U.S. military launched strikes against Iran after accusing Iranian forces of attacking the Cyprus-flagged container ship, MV GFS Galaxy. In retaliation, Iranian forces targeted several Gulf states with missile and drone attacks, while Iran’s Persian Gulf Strait Authority warned that vessels not following its preferred routes would not be guaranteed safe passage. Maritime traffic in the strait has significantly decreased, with only six vessels recorded crossing between July 7 and July 8, compared to 18-22 daily crossings earlier in the month.
Why It Matters
The Strait of Hormuz is a crucial maritime corridor for global oil trade, with approximately 20 percent of the world’s oil passing through it. The recent conflict between the United States and Iran has raised concerns about the stability of this vital waterway. The U.S. military’s actions are aimed at ensuring freedom of navigation in the face of Iranian aggression, which has included attacks on commercial shipping. The decline in maritime traffic reflects heightened tensions and the potential for further disruptions in global oil supply.
Read the Full Story →
