Oil prices surged over 4% on Monday, July 13, 2026, as tensions escalated between the United States and Iran over the Strait of Hormuz. Brent crude reached $78.82 a barrel, the highest since June 22, as both nations engaged in military strikes amid claims of control over this crucial maritime corridor.
US Military Actions and Iranian Response
The US Central Command (CENTCOM) reported conducting numerous strikes on Iranian military positions, aiming to diminish their capability to threaten shipping in the Strait. This response followed accusations of Iranian forces attacking a Cyprus-flagged container ship, the MV GFS Galaxy, while it was navigating the strait. CENTCOM emphasized, “The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it.”
In retaliation, Iranian forces launched missile and drone attacks targeting the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain. The Persian Gulf Strait Authority in Iran reiterated its claim over the waterway, warning that vessels crossing without using its designated routes would not receive safe passage guarantees.
Impact on Maritime Traffic and Oil Prices
Recent hostilities have significantly affected maritime traffic in the Strait of Hormuz. According to maritime intelligence platform Windward, only six vessels crossed the strait between 18:00 GMT on Thursday and 06:00 GMT on Friday, a sharp decline from the usual 18-22 daily crossings earlier in the month. This decrease in maritime activity reflects growing concerns over safety in the region.
