Brent Jumps 4.7% to $79.59 After Fresh Escalation in the Strait of Hormuz

Brent crude rose 4.7% on Monday, July 13, to $79.59 per barrel, its largest single-day gain in weeks, after the United States launched a new wave of airstrikes against Iran and Tehran declared the Strait of Hormuz closed. West Texas Intermediate (WTI), the U.S. benchmark, advanced 4.8% to $74.85 per barrel.

The Strait of Hormuz accounts for roughly 21% of global oil trade and a significant share of liquefied natural gas (LNG) shipments. According to The Guardian, the weekend escalation included an Iranian attack on a container vessel in the strait and Washington's response with strikes that, per U.S. Central Command, aimed to degrade Iran's ability to target civilian mariners and commercial ships. President Donald Trump declared the 60-day truce signed the previous month broken, though he left the door open to fresh negotiations. Vessel-tracking firm Kpler, as reported by The Guardian, showed only six ships crossed the strait on Sunday, the lowest count in five weeks, and Monday's transit was described as nearly nonexistent.

For Mexico, Brent above $79 pushes up the cost of Petróleos Mexicanos (Pemex) gasoline and diesel imports at a moment when the country is increasingly reliant on external fuel purchases to supply the domestic market. European markets saw airlines lead the losses: Ryanair, Air France, and IAG fell between 1.6% and 1.9%, while Wizz Air, Finnair, and Lufthansa dropped between 2% and 3%, according to AP. By contrast, BP and Shell rose 2.5% and 1.5% respectively on the London Stock Exchange. Goldman Sachs analysts noted, per The Guardian, that the strikes highlight the persistent uncertainty over Gulf export flows and that a further escalation could re-intensify near-term upside price risk for crude.

Traffic through Hormuz and Washington's willingness to contain or intensify the offensive will determine Brent's trajectory in the coming days. With crude still $20 below the $95 to $100 peaks reached at the conflict's onset in February, the market is pricing in a contained-disruption scenario for now, though the fragility of the truce keeps supply risk alive.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.