Brent Tops $80 as US-Iran Hormuz Blockade Looms

Brent crude surged above $80 per barrel on July 13 after US Central Command launched fresh strikes on Iranian targets and Iran’s IRGC retaliated across the region. The escalation began July 7 with US strikes on Iran over tanker attacks, followed by President Trump declaring the ceasefire over on July 8 and revoking General License X. Fresh US strikes on July 12 and Iranian retaliation drove weekly gains exceeding $4, with WTI above $73, as tanker traffic slowed and war-risk premiums widened amid Trump’s renewed blockade announcement.