NYMEX August light crude futures rose $6.73 to settle at $78.14/bbl, up 9.42%. ICE Brent futures for September delivery rose $7.29 to settle at $83.30/bbl, up 9.59%.

Iran foreign ministry spokesman Baghaei said on July 13 Tehran will avenge the slain Iranian Supreme Leader Ali Khamenei and all Iranians killed or wounded in US and Israeli attacks, calling revenge "a basic principle and a common public demand." He said the ministry is recording alleged crimes through international legal channels and seeking justice. Baghaei accused the US of pressuring Oman, saying a planned Iran‑Oman Strait of Hormuz joint management mechanism failed because of US pressure. After four rounds of US‑Iran exchanges last week, he warned Tehran will not hesitate to defend itself and that any foreign territory used to attack Iran will be included within the scope of its defensive strikes.

EU foreign policy chief Kallas said the EU is imposing sanctions on Russia at a rapid pace and large scale; today's measures and a forthcoming 21st sanctions package will add 250 individuals and entities to the Russia sanctions list.