By Barbara Kollmeyer and Mike Murphy

Iran closes the Strait of Hormuz amid US tensions. Traffic normalization by August 31 at 19.5% YES.

Iran has declared the Strait of Hormuz closed as it trades fresh strikes with the US over the alleged unauthorised travel of a ship through the route.

Rising Gulf tensions and new Iran–US strikes keep oil prices elevated as the Strait of Hormuz remains open but under severe security pressure.

Iran said the Strait of Hormuz was closed on Sunday while the United States insisted it remained open, after the confrontation over the vital waterway

The U.S. and Iran disputed whether Hormuz was open to ship traffic after trading strikes over the weekend.

Crude oil prices soared nearly 5% on July 13, with Brent nearing $80 per barrel, as escalating US-Iran strikes fueled market volatility and supply concerns.

Oil prices surged by more than 4% after renewed U.S.-Iran hostilities and competing claims over the status of the Strait of Hormuz reignited fears of major supply disruptions.

Brent surges more than 4 per cent as US-Iran conflict escalates

Oil prices spike as Hormuz traffic slows amid US-Iran tensions. Crude oil reaches a new all-time high by December 31 at 12.5% YES.

By Barbara Kollmeyer and Mike Murphy

Iran closed the Strait of Hormuz, causing oil prices to surge 5%. WTI reaching $130 by July 2026 is at 0.7% YES.