Oil Jumps 3% to $78.68 as Iran Declares Hormuz Closed After US Strikes

Oil prices surged more than 3% this week as Iran declared the Strait of Hormuz closed following renewed U.S.-Iran missile strikes on Gulf targets. Brent climbed $2.67 to $78.68 while WTI rose to $73.89, re-embedding a geopolitical risk premium after tanker attacks and shipping disruptions. The flare-up reversed earlier weekly gains triggered by Saudi Arabia’s record $11 Asian price cut on July 7 and Goldman Sachs supply warnings, though it was partially offset by record UAE output of 4.1 million bpd and IEA forecasts of a 2027 glut. Shipping through Hormuz fell to five-week lows with only six vessels transiting on Sunday.