Brent crude jumps more than 3% past $78 on Monday as Strait of Hormuz tensions escalate

Brent crude jumped more than 3% past $78 a barrel on Monday, July 13, 2026, reaching about $78.8, a gain of nearly 3.7% from the previous day that snapped a two-day losing streak. The move was attributed to renewed escalation between Iran and the United States and an exchange of strikes around the Strait of Hormuz.

About one-fifth of the world's traded oil passes through the Strait of Hormuz, and vessel-tracking data show large-ship traffic on the southern lane has effectively halted since the middle of last week. Despite Monday's jump, Brent is still down about 5.3% over the past month and up roughly 14% from a year ago.

Swings in the global oil price reach Iran's markets through two channels: government oil revenue and exchange-rate expectations.