US and Iran trade fresh strikes on Monday; dispute over Strait of Hormuz status persists as Brent nears $79

The United States and Iran traded fresh strikes in the early hours of Monday, July 13, 2026, and oil prices jumped on fears of a prolonged disruption to the Strait of Hormuz. Brent crude rose about 4 percent in early Monday trading to around $79 a barrel, while US West Texas Intermediate gained close to 2.7 percent to about $73.

US Central Command (CENTCOM) said its latest wave of strikes hit dozens of targets in Iran and used one way attack sea drones for the first time. Iranian state media reported retaliatory attacks on US linked facilities in Kuwait, Bahrain and Jordan. Iran declared that passage through the Strait of Hormuz was "not possible," while US President Donald Trump said the waterway remained open to commercial traffic.

The renewed exchange casts further doubt over the interim 60 day agreement signed last month to end the war. About a fifth of the world's oil and liquefied natural gas passes through the strait.