Oil futures jumped on July 13 after US‑Iran tensions escalated and the US said it would resume maritime interdiction of Iranian shipping. NYMEX August WTI rose $6.73 to $78.14/bbl (+9.42%) and ICE September Brent rose $7.29 to $83.30/bbl (+9.59%), the biggest single‑day gains since May 2020. Prices extended gains by more than 1% at the start of the next trading session on the evening of the 13th. Analysts at a Dutch commercial bank said Strait of Hormuz flows have fallen to low levels, reviving

Oil futures jumped on July 13 after US‑Iran tensions escalated and the US said it would resume maritime interdiction of Iranian shipping. NYMEX August WTI rose $6.73 to $78.14/bbl (+9.42%) and ICE September Brent rose $7.29 to $83.30/bbl (+9.59%), the biggest single‑day gains since May 2020. Prices extended gains by more than 1% at the start of the next trading session on the evening of the 13th. Analysts at a Dutch commercial bank said Strait of Hormuz flows have fallen to low levels, reviving concerns about third‑quarter supply tightness, and an XS Group senior market analyst said the move looks like a geopolitical‑risk repricing rather than a purely technical rebound.