{"id":64723,"date":"2026-07-13T15:08:17","date_gmt":"2026-07-13T19:08:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-skyrocket-as-middle-east-conflict-escalates-trump-signals-major-national-address\/64723\/"},"modified":"2026-07-13T15:08:17","modified_gmt":"2026-07-13T19:08:17","slug":"oil-prices-skyrocket-as-middle-east-conflict-escalates-trump-signals-major-national-address","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-skyrocket-as-middle-east-conflict-escalates-trump-signals-major-national-address\/64723\/","title":{"rendered":"Oil Prices Skyrocket as Middle East Conflict Escalates; Trump Signals Major National Address"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent Crude futures (<a href=\"\/stock\/UKOIL-F\">UKOIL-F<\/a>) surged 9.59% to settle at $83.30\/bbl<\/strong> following a dramatic escalation in military hostilities between the <strong>United States<\/strong> and <strong>Iran<\/strong>.<\/li>\n<li><strong>Yemen&#39;s Houthi rebels launched ballistic missiles at Saudi Arabia&#39;s Abha International Airport<\/strong>, effectively ending a long-standing ceasefire and threatening vital energy infrastructure.<\/li>\n<li><strong>President Donald Trump<\/strong> announced he will deliver a <strong>televised speech to the nation on Thursday at 9:00 p.m. ET<\/strong> via Truth Social, as the U.S. military continues strikes against Iranian targets.<\/li>\n<li><strong>Explosions were reported in Eastern Bandar Abbas<\/strong> and near the <strong>Strait of Hormuz<\/strong>, raising fears of a total blockade in a waterway that handles 20% of global oil trade.<\/li>\n<li><strong>UK political transition accelerates<\/strong> as <strong>Andy Burnham<\/strong> prepares to take over as Prime Minister, outlining a &quot;broad church&quot; cabinet to stabilize markets amid global volatility.<\/li>\n<\/ul>\n<p>Global energy markets were thrown into turmoil on Monday as a series of military strikes and retaliatory threats across the Middle East triggered a massive spike in <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a>. <strong>Brent Crude (<a href=\"\/stock\/UKOIL-F\">UKOIL-F<\/a>)<\/strong> saw its largest single-day percentage gain in years, jumping <strong>$7.29 to $83.30 per barrel<\/strong>, while <strong>West Texas Intermediate (WTI)<\/strong> crude also surged as traders priced in a significant risk premium due to potential supply disruptions.<\/p>\n<p>The escalation began with reports from <strong>IRNA<\/strong> of powerful explosions in <strong>Eastern Bandar Abbas<\/strong>, a strategic Iranian port city. These blasts followed a new wave of <strong>U.S. Central Command (CENTCOM)<\/strong> offensive strikes aimed at degrading Iran&#39;s ability to threaten maritime traffic. In a letter to Congress, <strong>President Donald Trump<\/strong> defended the military action, stating the <strong>U.S. Armed Forces<\/strong> remain postured to ensure the <strong>Government of the Islamic Republic of Iran<\/strong> ceases being a threat to global commerce.<\/p>\n<p>In a parallel development, <strong>Yemen&#39;s Houthi rebels<\/strong> claimed a ballistic missile strike on <strong>Saudi Arabia&#39;s Abha International Airport<\/strong>. The group released a chilling video titled <em>&quot;The Response is Coming,&quot;<\/em> marking several high-value targets including <strong>King Khalid International Airport<\/strong> in Riyadh and the <strong>Ras Tanura Refinery<\/strong>. The Houthis have warned international airlines against using Saudi airspace, signaling a widening of the conflict that could impact global aviation and logistics.<\/p>\n<p>On the domestic front, <strong>Speaker Mike Johnson<\/strong> reported a &quot;productive meeting&quot; at <strong>Camp David<\/strong> regarding <strong>Reconciliation 3.0<\/strong> legislation. While specific details are expected later this week, the budget resolution is intended to address the nation&#39;s &quot;most immediate priorities,&quot; likely including emergency defense funding and energy security measures. Meanwhile, in the <strong>United Kingdom<\/strong>, <strong>Andy Burnham<\/strong> met with the <strong>Parliamentary Labour Party<\/strong> to outline his priorities as incoming Prime Minister, focusing on &quot;good growth&quot; and cost-of-living relief to provide &quot;breathing space&quot; for a public rattled by rising energy costs.<\/p>\n<p>Investors are now looking toward <strong>Thursday night<\/strong>, when <strong>President Trump<\/strong> is scheduled to address the nation. Market analysts warn that any indication of a formal blockade of the <strong>Strait of Hormuz<\/strong> or further direct strikes on Iranian oil infrastructure could push prices toward the $100 mark. For now, the &quot;Iran Blockade&quot; remains a central concern for shipping companies and institutional investors alike, as the regional &quot;de-escalation phase&quot; appears to have definitively collapsed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent Crude futures (UKOIL-F) surged 9.59% to settle at $83.30\/bbl following a dramatic escalation in military hostilities between 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