Oil Jumps As Conflict Over Hormuz Escalates With Fresh Strikes

By Kanoko Matsuyama and Rong Wei Neo

Jul 12, 2026 (Bloomberg) –Oil jumped as the US and Iran exchanged fresh strikes, with the sides offering conflicting statements on whether the Strait of Hormuz remains open. 

Brent traded above $79 a barrel after gaining 5.4% last week, while West Texas Intermediate traded near $74. Iran said the strait would now be closed “until further notice” — a statement denied by US Central Command, which said that its forces started more attacks to ensure freedom of navigation through the waterway.