Oil Prices Climb as U.S.-Iran Tensions Renew Supply Concerns
By:Donia Saad
July 13, 2026
July 13, 2026 – Oil pricesextended their gains after renewed military tensions between the United States and Iran raised fresh concerns over global crude supplies and shipping through the Strait of Hormuz, one of the world's most important energy trade routes.
Brent crude traded at around $76.13 per barrel, while West Texas Intermediate (WTI) stood near $71.59. The OPEC Reference Basket was quoted at approximately $76.25 per barrel, reflecting continued volatility in global energy markets as investors monitored developments in the Middle East.
Strait of Hormuz Returns to Market Focus
The latest escalation between Washington and Tehran has renewed attention on the Strait of Hormuz, a strategic maritime corridor through which roughly one-fifth of the world's oil supply is transported.
Although oil exports have not experienced widespread disruptions, traders have increased the geopolitical risk premium, reflecting concerns that any further escalation could affect shipping activity, insurance costs, and energy supply chains.
Supply Risks Support Oil Prices
Beyond the immediate geopolitical developments, markets are also assessing the potential impact on future oil supply.
Analysts note that uncertainty surrounding Iranian exports and tanker traffic has strengthened expectations of tighter near-term supply, encouraging buying in crude futures despite ongoing concerns about slower global demand growth.
Investors Watch the Next Move
Attention is now turning to whether diplomatic efforts can ease tensions or whether further military action could prolong volatility in energy markets.
Oil prices are expected to remain highly sensitive to developments in the Middle East, while investors continue monitoring shipping activity, OPEC+ production policy, and global demand trends for additional direction.
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