What did Iran and US Central Command say about the status of the Strait of Hormuz, and how did markets react?

Iran declared the Strait of Hormuz 'closed until further notice,' while US Central Command denied that closure and stated its forces launched additional attacks to ensure freedom of navigation. In response, Brent crude rose 3.6% to $78.78 a barrel and WTI climbed 3.6% to $74.01 a barrel, reflecting renewed war premium pressure on oil prices after an earlier interim peace deal had eased supply concerns.

Why is the Strait of Hormuz so critical to global energy markets, and what was observed there during the latest escalation?

The Strait of Hormuz normally carries about a fifth of global crude and liquefied natural gas supply, making it a vital energy chokepoint; during the latest escalation, almost no traffic passed through on Sunday — only two oil products tankers were seen approaching — though the Joint Maritime Information Center confirmed the southern shipping lane coordinated by Oman remained available.

Oil Jumps as US and Iran Trade Strikes, Dispute Hormuz Status

Jul 12, 2026

Oil prices surged following renewed US-Iran strikes, with Brent rising above $78 per barrel amid uncertainty over the Strait of Hormuz's openness. The International Energy Agency warned the escalation risks derailing global inventory rebuilding efforts due to potential supply disruptions.

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