Commercial Vessel Attacked in Strait of Hormuz on July 12, U.S. Retaliates Against Iran; Oil Prices Rise 5% to $76/Barrel

According to The New York Times, a commercial vessel came under attack in the Strait of Hormuz on Saturday, July 12, followed by U.S. strikes on Iranian targets. The incident has triggered concerns over renewed oil price volatility. Transit traffic through the strait has dropped sharply to 22 vessels per day, down from over 130 vessels daily before the conflict escalated. Brent crude oil closed the week near $76 per barrel, up approximately 5% since the conflict began, though still well below the roughly $120/barrel levels seen during wartime periods.
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