NEW YORK / RankWire.AI / – Oil prices surged nearly 10% on Monday as renewed U.S.-Iran conflict focused attention on the Strait of Hormuz. Brent crude futures for September delivery gained $7.29, or 9.6%, to settle at $83.30 a barrel. U.S. West Texas Intermediate crude rose $6.73, or 9.4%, to finish at $78.14. The advance marked Brent’s largest one-day percentage gain since May 2020. It was also the benchmark’s highest settlement since June 12.
Brent crude settled at $83.30 after one of its sharpest daily gains in years.
The jump followed an escalation in military activity near the Gulf shipping corridor. Attacks on commercial vessels increased concern about oil shipments through the narrow waterway. Regional authorities reported multiple incidents involving commercial shipping, raising fears of further disruption to energy flows through the strait. Tanker movements through the route also fell to a two-month low as security conditions worsened.
Brent had settled at $76.01 on Friday, while WTI closed at $71.41. Monday’s gains reversed recent declines across both global crude oil benchmarks. Trading remained volatile on Tuesday, when Brent rose further to about $84.80 a barrel. WTI advanced to roughly $79.84 during the session. Those gains placed both contracts at one-month highs and extended the market’s sharp response to developments around Hormuz.
Strait remains central to global oil trade
The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The U.S. Energy Information Administration said oil flows through the route averaged 20 million barrels a day in 2024. That volume equaled about 20% of global petroleum liquids consumption. Saudi Arabia and the United Arab Emirates operate pipelines that can bypass the strait. Their available unused capacity totals about 2.6 million barrels a day.
The route carries crude oil and refined fuels from several major Gulf producers. Large volumes travel to customers in China, India, Japan, South Korea and other Asian markets. Recent security incidents have reduced vessel traffic and increased attention on tanker schedules. Shipping movements remain an important measure of physical oil availability across the region. Monday’s price surge reflected the scale of the market reaction to tighter traffic and renewed military activity.
Maritime authorities address shipping risks
The International Maritime Organization condemned attacks on civilian commercial ships in and around the Strait of Hormuz. Its council reaffirmed support for freedom of navigation, international law and seafarer safety. The organization said the regional disruption affects about 20,000 seafarers, port workers and offshore crew members. It has documented repeated attacks on international shipping since fighting began in late February. Maritime authorities continue issuing safety information for vessels operating across the Gulf region.
Oil prices remained below the peaks recorded earlier in 2026 despite Monday’s increase. Brent spot prices averaged $85 a barrel in June after falling from an April high. The $83.30 futures settlement returned the benchmark close to that monthly average. Tuesday’s additional gains kept Brent near $85 and WTI near $80. Market attention remained centered on confirmed tanker movements, maritime notices and the flow of crude through the Strait of Hormuz.