NEW YORK / RankWire.AI / – Oil prices climbed more than 4% on Monday, extending an earlier surge that carried Brent crude to $78.68 a barrel. Brent later rose $3.10, or 4.08%, to $79.11 by 3:25 a.m. GMT. U.S. West Texas Intermediate gained $2.95, or 4.11%, to $74.36. The rise followed renewed military strikes involving the United States and Iran. Vessel traffic through the Strait of Hormuz also remained limited.
At 10:04 p.m. GMT on Sunday, Brent had advanced $2.67, or 3.51%, to $78.68. WTI had gained $2.48, or 3.47%, to $73.89. Both benchmarks moved higher again during Monday’s Asian session. Brent is the main reference price for crude sold across Europe, Africa and the Middle East. WTI is the leading U.S. benchmark. The price moves occurred as new events unfolded around the Gulf shipping route.
U.S. Central Command said it completed another round of strikes against Iran on July 12. The command reported hits on dozens of targets at several locations. It listed air defense systems, coastal radar sites, missile and drone capabilities, and small boats among the targets. Iran’s Revolutionary Guards said they attacked U.S. military bases in Kuwait and Bahrain on Monday. President Donald Trump said Sunday that the Strait of Hormuz remained open to commercial traffic.
Strait traffic falls to five-week low
Iran had earlier announced that it closed the strait after a vessel used an unapproved route and was struck. Ship-tracking data from Kpler recorded six vessel transits through the waterway on Sunday. That was the lowest daily count in five weeks. U.S. officials separately said about 20 vessels received escorts during the previous 24 hours. The strait links the Persian Gulf with the Gulf of Oman and the Arabian Sea, making it a central route for regional energy exports.
Before the conflict began at the end of February, about 20% of the world’s oil and liquefied natural gas passed through the strait. The International Energy Agency said global oil supply increased by 4.1 million barrels per day in June. Supply reached 98.8 million barrels per day. However, it remained 9.4 million barrels per day below pre-conflict levels. The June increase followed a partial recovery in production and exports after restricted flows earlier in the year.
Crude gains accompany wider market moves
Wider financial markets also moved sharply during Asian trading. Brent later traded at $79.31, up 4.3%, while U.S. crude rose 4.4% to $74.62. Japan’s Nikkei fell 2.2%, and South Korea’s KOSPI lost 7.6%. S&P 500 futures dropped 0.6%, while Nasdaq futures fell 1.3%. The dollar rose, and two-year U.S. Treasury yields reached their highest level since early 2025. Gold fell 1.5% to about $4,060 an ounce.
Monday’s gains lifted Brent well above its recent low of $70.14 a barrel. The U.S. Energy Information Administration said Brent averaged $85 in June, down $22 from May. Daily prices later fell below $70 on July 1. The agency estimated regional production shut-ins averaged 8.3 million barrels per day in June, after peaking at 11.2 million in May. The June 18 U.S.-Iran memorandum called for an end to the conflict and the reopening of the Strait of Hormuz.