Oil prices jumped as the U.S. challenges Iran's assertion of control over the Strait of Hormuz, but the strikes haven't yet blow up negotiations.
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Oil Prices Jump As U.S.-Iran Escalation Tests Market Calm
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09:26 AM ET 07/13/2026
Oil prices jumped on Monday amid escalation of Middle East conflict as the U.S. challenged Iran's assertion of control over the Strait of Hormuz. With U.S.-Iran negotiations at an impasse over the key global shipping route and Tehran's nuclear program, Wall Street's assumption that flare-ups in fighting won't lead the sides back to war is being tested, but still holding…
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