{"id":64678,"date":"2026-07-12T23:08:12","date_gmt":"2026-07-13T03:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/crude-oil-rallies-4-as-u-s-launches-fresh-wave-of-strikes-against-iran\/64678\/"},"modified":"2026-07-12T23:08:12","modified_gmt":"2026-07-13T03:08:12","slug":"crude-oil-rallies-4-as-u-s-launches-fresh-wave-of-strikes-against-iran","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/crude-oil-rallies-4-as-u-s-launches-fresh-wave-of-strikes-against-iran\/64678\/","title":{"rendered":"Crude Oil Rallies 4% as U.S. Launches Fresh Wave of Strikes Against Iran"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> surged more than 4%<\/strong> on Monday, with <strong>Brent crude<\/strong> climbing to <strong>$79.10<\/strong> and <strong>WTI<\/strong> rising to <strong>$74.39<\/strong> following a major escalation in military conflict.<\/li>\n<li><strong>U.S. Central Command (CENTCOM)<\/strong> conducted a &quot;new wave&quot; of offensive strikes targeting <strong>Iranian air defenses, coastal radar, and missile\/drone sites<\/strong> to degrade Tehran&#39;s ability to threaten global shipping.<\/li>\n<li><strong>Iran declared the Strait of Hormuz closed<\/strong> &quot;until further notice&quot; and launched retaliatory strikes against U.S. facilities and allies in <strong>Bahrain, Kuwait, Qatar, and the UAE<\/strong>.<\/li>\n<li><strong>Shipping traffic has plummeted<\/strong>, with data showing only <strong>six vessels<\/strong> transited the strategic waterway on Sunday, the lowest level in five weeks.<\/li>\n<li>The escalation has effectively <strong>collapsed a fragile interim ceasefire<\/strong> agreement reached last month, with President Donald Trump declaring the truce &quot;over.&quot;<\/li>\n<\/ul>\n<p>The global energy market reacted sharply on Monday as the <strong>United States<\/strong> launched a significant series of airstrikes against <strong>Iranian<\/strong> military targets. The operation, directed by President <strong>Donald Trump<\/strong>, targeted dozens of sites including <strong>radar networks<\/strong>, <strong>air defense capabilities<\/strong>, and <strong>IRGC fast-attack boats<\/strong>.<\/p>\n<p><strong>Crude oil<\/strong> benchmarks saw immediate gains as futures trading opened in Asia. <strong>Brent crude (<a href=\"\/stock\/BRENT\">BRENT<\/a>)<\/strong> jumped <strong>4.07%<\/strong> to <strong>$79.10<\/strong> a barrel, while <strong>West Texas Intermediate (<a href=\"\/stock\/WTI\">WTI<\/a>)<\/strong> rose <strong>4.17%<\/strong> to <strong>$74.39<\/strong>. Investors are pricing in a heightened risk of prolonged supply disruptions through the <strong>Strait of Hormuz<\/strong>, a chokepoint responsible for roughly <strong>20%<\/strong> of the world&#39;s oil consumption.<\/p>\n<p><strong>CENTCOM<\/strong> officials stated that the strikes were necessary to ensure &quot;safe passage for global shipping&quot; after recent Iranian attacks on commercial vessels. The U.S. military utilized fighter aircraft, naval vessels, and <strong>one-way attack sea drones<\/strong> for the first time in this operation. Despite the U.S. insistence that the waterway remains an &quot;open international waterway,&quot; <strong>Iran&#39;s Revolutionary Guards<\/strong> claimed the strait is now under their total control.<\/p>\n<p>Retaliation from <strong>Tehran<\/strong> was swift, with missile and drone alerts sounding across the Gulf. <strong>Kuwait<\/strong> reported damage to an offshore drilling platform operated by the <strong>Kuwait Oil Company<\/strong>, while <strong>Bahrain<\/strong> activated alarm sirens as its air defenses intercepted incoming fire. <strong>Qatar<\/strong> and the <strong>United Arab Emirates<\/strong> also reported engaging Iranian aerial threats, marking a significant widening of the regional conflict.<\/p>\n<p>Market analysts warn that the &quot;confidence&quot; in a diplomatic resolution has &quot;eroded very quickly.&quot; While <strong>OPEC+<\/strong> recently agreed to raise production to stabilize prices, those gains have been offset by the threat of a full-scale blockade. The <strong>International Energy Agency (IEA)<\/strong> noted that while global supply had begun to recover in June, a sustained rally toward <strong>$80 a barrel<\/strong> is likely if the military exchanges continue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Crude oil prices surged more than 4% on Monday, with Brent crude climbing to $79.10 and WTI rising 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