The United States on Wednesday targeted Iran's coastal defence systems and missile sites after reimposing a naval blockade on Iranian ports. In response, Iran warned that it could further restrict regional energy exports, saying it was fighting an "existential war" against the U.S.

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.

Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran…

WTI Crude prices were back up to around $80 per barrel on Tuesday morning, climbing from as low as $68.58 per barrel in early July.