Oil Surges on Fresh U.S.-Iran Strikes, Brent Climbs to $78.52

Oil prices jumped sharply this week after renewed U.S.-Iran military exchanges disrupted tanker traffic through the Strait of Hormuz and revived supply-risk fears. Brent rose 3.3% to $78.52 and WTI gained 3.5% to $73.88 as flows fell from 10 million to 8.3 million bpd. The move follows a week of escalating clashes that began with Iranian missile strikes on commercial vessels on July 7, continued with U.S. strikes on Iranian targets and Iranian retaliation against bases in Bahrain and Kuwait on July 9, and prompted fresh Hormuz closure warnings. Despite OPEC+ quota increases and Gulf producers cutting official selling prices, the renewed geopolitical premium has lifted prices roughly $4 this week.