Brent crude oil prices have reached $94.07 as military conflict in the Strait of Hormuz disrupts global energy transit. This escalation threatens shipping routes and contributes to rising inflationary pressures.

Iran’s leadership has formally abandoned its peace agreement with the US following an escalation in hostilities that resulted in American troop deaths. The conflict has increasingly targeted civilian infrastructure and regional sites, further destabilizing the Strait of Hormuz.

US equity markets declined on 13 July 2026 as rising crude prices and a slump in semiconductor shares impacted the major indices. Markets are now focusing on upcoming corporate earnings and congressional testimony from Federal Reserve Chair Kevin Warsh.

Following retaliatory strikes and a formal end to the ceasefire, the conflict has intensified, with new leader Mojtaba Khamenei calling for vengeance. Global energy markets face instability as regional mediators attempt to revive indirect discussions.