Oil prices rise as U.S. and Iran fight for control of Strait of Hormuz

[BumRushDaShow]

Source: CNBC

Published Sun, Jul 12 20266:07 PM EDT


Oil prices rose Sunday evening after the U.S. and Iran traded strikes as they contest control of the Strait of Hormuz, one of the most important trade routes for global energy supplies.

U.S. crude oil futures were up 3.4% to $73.87 per barrel by 6:03 p.m. ET. Brent futures, the international benchmark, traded 3.5% higher at $78.67.

The U.S. military launched another wave of strikes Sunday against Iran after hitting 140 targets on Saturday, according to U.S. Central Command. The strikes are in response to an attack by the Islamic Revolutionary Guard Corps on a container ship transiting Hormuz. Iran responded Sunday with strikes on U.S. military facilities in Jordan, Kuwait, Bahrain and Oman, according to the state news agency Tasnim.

Iranian state media said the Revolutionary Guard had closed the Hormuz until further notice, but the U.S. military disputed that claim. Centcom said the strait was open to “all vessels seeking to lawfully transit.”

Read more: https://www.cnbc.com/2026/07/12/oil-price-strait-hormuz-iran-trump-tanker.html

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WTI is up to ~$74/bbl.

[Warpy]

1. Apparently Iran shot first

after
Fatso goaded them with one too many insults and ultimatums.

I'm afraid the Senate will vote for his already badly bungled war.

[WSHazel]

2. Iran and Trump are on the same page when it comes to higher oil prices

I am not accusing them of working together to increase oil prices, but I am not saying they are working apart either.

[Warpy]

5. Exactly, and Fatso is stupid enough to brag about that

along with increased oil exports which will likely lead to scarcity here in the future as the military requiresmore and more of what we have left.

Dumbass.

[WSHazel]

6. If it wasn't for this war, there would be a major glut

Oil might have been around $50/barrel which would have been disastrous for American producers. Trump needs this to keep oil prices high.

[Warpy]

7. Not sure about that

Remember, the world is still bidding up oil and natural gas that don't come out of Russia. A shortage already existed. Now it's just worse.

[Raftergirl]

3. Glad I filled up on Wednesday. I knew something was going to happen over the weekend. You can set

your clock to it now.

[WSHazel]

4. Every price bump is more EVs and hybrids

which means more oil being pumped from around the world to sell now because it will be worth less in a year or three or five.

Trump inadvertently has done more to accelerate the transition from fossil fuels than any world leader in history.