Oil prices rise as U.S. and Iran fight for control of Strait of Hormuz [View all]

Source: CNBC

Published Sun, Jul 12 20266:07 PM EDT


Oil prices rose Sunday evening after the U.S. and Iran traded strikes as they contest control of the Strait of Hormuz, one of the most important trade routes for global energy supplies.

U.S. crude oil futures were up 3.4% to $73.87 per barrel by 6:03 p.m. ET. Brent futures, the international benchmark, traded 3.5% higher at $78.67.

The U.S. military launched another wave of strikes Sunday against Iran after hitting 140 targets on Saturday, according to U.S. Central Command. The strikes are in response to an attack by the Islamic Revolutionary Guard Corps on a container ship transiting Hormuz. Iran responded Sunday with strikes on U.S. military facilities in Jordan, Kuwait, Bahrain and Oman, according to the state news agency Tasnim.

Iranian state media said the Revolutionary Guard had closed the Hormuz until further notice, but the U.S. military disputed that claim. Centcom said the strait was open to “all vessels seeking to lawfully transit.”

Read more: https://www.cnbc.com/2026/07/12/oil-price-strait-hormuz-iran-trump-tanker.html