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Oil Jumps 4% as US Conducts Additional Strikes on Iran Amid Disagreement over Strait of Hormuz Access

Trading Random07-13

The United States carried out new missile strikes targeting Iran on Sunday, continuing a cycle of military actions and retaliations between the two nations. This escalation comes as both sides presented contradictory statements regarding the operational status of the Strait of Hormuz for maritime traffic.

Brent crude oil prices surged 4.09% to $79.12 per barrel, driven by fears that the ongoing conflict could lead to significant disruptions in oil supply.

WTI crude oil futures jumped 4.22% to $74.42 per barrel.

U.S. Central Command stated that American forces targeted Iranian assets on Sunday with the aim of reducing Iran's capacity to launch attacks against shipping in the Strait of Hormuz. This marked the fourth U.S. strike in approximately one week, following a particularly intense bombardment. The command also noted that its forces, under directives from President Donald Trump, struck around 140 targets on Saturday.

Reports indicated that the Islamic Revolutionary Guard Corps had again fired upon commercial vessels. In response, U.S. aircraft successfully intercepted an Iranian cruise missile and an attack drone.

In retaliation, Iran launched drone and missile attacks on Sunday targeting American allies across the Middle East, including Kuwait, Jordan, and Qatar. Initial reports suggested these assaults resulted in only minor damage and no injuries.

This intensifying exchange of hostilities is undermining diplomatic negotiations between the U.S. and Iran. These talks were intended to address key issues, such as Iran's nuclear program, and to potentially end the conflict that began in late February involving the U.S. and Israel.

Over the weekend, Iran declared the Strait of Hormuz closed "until further notice." U.S. Central Command refuted this claim, asserting the waterway remains open to all vessels and that the U.S. military is ready to safeguard freedom of navigation. A global monitoring body also reported that transit via the strait's southern route was still possible as of Sunday.

President Trump echoed this position during a television appearance, stating the strait was open and making remarks about the recent military action. He characterized the Iranian leadership in harsh terms.

The Iranian attacks on commercial shipping have drawn condemnation from several European nations. The UK, France, and Germany issued a joint statement denouncing the strikes and urging a return to ceasefire and peace negotiations.

According to a report citing a U.S. official, approximately 20 commercial vessels transited the Strait of Hormuz on Sunday with coordination from the U.S. military.

Early Sunday, Iranian media reported explosions along the country's southern coastline, affecting key energy hubs and port cities near the strategically vital Strait of Hormuz. One report mentioned a communication tower was struck, resulting in two injuries.

Later on Sunday, Iranian news agencies reported that missiles were fired at Qeshm Island by an unspecified "enemy," with no casualties reported. Separately, Kuwait stated a drone attack damaged a drilling platform operated by its national oil company.

A U.S. official confirmed conducting a limited number of strikes against Iranian missile systems, air defenses, and small boats operated by the IRGC in the vicinity of the strait.

An Iranian state-run news outlet reported that the IRGC declared it would prohibit all vessel transit through the Strait of Hormuz until foreign interference ceases.

Control over this critical maritime passage, which once handled a fifth of the world's seaborne crude oil and liquefied natural gas, has been a central point in U.S.-Iran negotiations.

Maritime activity in the strait was nearly non-visible on Sunday. A multinational security body assessed that the maritime security threat level "remains severe."

The IRGC claimed it launched ballistic missiles at a military base in Jordan, targeting a U.S. command center and drone facilities. Jordan confirmed it was hit by three missiles but provided no further details.

Qatar reported that three people were injured by falling debris after its defenses intercepted Iranian missiles.

Kuwait stated it was responding to aerial attacks following an announcement by Iran's conventional military of drone strikes targeting U.S. defense systems and infrastructure within Kuwait. The Iranian military also claimed to have targeted U.S. communications and radar installations in Bahrain.

Iranian state media reported strikes on U.S. naval support facilities in Oman. Oman's foreign ministry stated it summoned Iran's ambassador to protest drone attacks that hit locations within its borders.

The IRGC stated it stopped two cargo ships in the Strait of Hormuz after firing warning shots. U.S. Central Command reported that a commercial vessel sustained significant damage, was immobilized, and had one crew member missing.

Only two tankers approached the Strait of Hormuz on Sunday. One large crude carrier was later detected signaling near Oman, suggesting it may have crossed the strait with its tracking transponder disabled. The exact timing of its passage could not be immediately confirmed.

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Comment1

  • a4xrbj1
    ·07-13
    Here we go again. As long as Trump and Bibi are in command there won't be any peace in the Middle East. All he knows is bullying, lying and threatening. He was never successful with this "Art of the deal" in his business life, nor is he successful as US President. Can't wait for mid-terms
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