Oil Jumps as Renewed Gulf Attacks Rattle Asian Markets and Revive Inflation Fears

Oil prices climbed more than 3% in early Asian trading on Monday as renewed US-Iran attacks and conflicting claims over the Strait of Hormuz revived concerns about energy supply, inflation and global interest rates.

Brent crude rose about 3.3% to $78.50 a barrel, while US crude gained approximately 3.4% to $73.83. Asian equities weakened, with Japan’s Nikkei falling around 1%, as investors reassessed the risk that disruption in the Gulf could push energy costs higher and delay monetary easing.

The move follows Iran’s renewed claim that the Strait of Hormuz is closed and fresh US strikes against Iranian targets. Commercial navigation has not been conclusively halted, but attacks on vessels and uncertainty over transit conditions have increased freight, insurance and supply-risk premiums.

Why it matters

The market reaction is a substantive development beyond the earlier political statements about whether the strait remained open. A sustained oil-price increase would support revenues for upstream producers including BP plc and Shell plc, but it could also raise fuel and transport costs, increase inflation pressure and reduce the scope for interest-rate cuts. UK airlines, retailers, manufacturers and other energy-intensive businesses would be comparatively exposed.

Companies and tickers: BP plc (LSE: BP.), Shell plc (LSE: SHEL), Saudi Aramco (TADAWUL: 2222).

Sector: Oil & Gas / Global Markets.

UK release time: 13 July 2026, approximately 00:30–01:00 BST.

Sources: Reuters global markets report, 13 July 2026; Wall Street Journal commodities coverage, 13 July 2026.