Singapore, 13 July 2026 – Oil prices surged by more than 3% in early Asian trading after renewed tensions between the United States and Iran raised concerns that energy shipments through the Strait of Hormuz could face further disruption.
Brent crude futures gained about US$2.34 to trade near US$78.35 a barrel, while United States West Texas Intermediate crude climbed approximately US$2.21 to US$73.62. The advance reflected a renewed geopolitical premium after a period in which traders had begun pricing in the possibility of improving regional conditions and stronger shipping activity.
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