Oil Surges to $78.50 as Iran Closes Strait of Hormuz on Gulf Attacks

Oil prices jumped sharply on July 12 as fighting intensified in the Gulf and Iran announced closure of the Strait of Hormuz. Brent rose 3.3% to $78.50 while WTI gained 3.4% to $73.83, reversing the prior week's stabilization around $72.60. The move followed a mid-week spike on July 8 when renewed U.S.-Iran strikes and Trump's declaration that the ceasefire was over sent Brent above $78 and WTI briefly to $75, prompting multiple tankers to turn back. Prices had eased by July 9-10 as tensions appeared contained, but fresh attacks revived supply fears through the critical chokepoint.