Oil jumps 3% after US, Iran escalate strikes in Mideast

July 13, 2026

Oil prices climbed Monday as Iran expanded strikes on Gulf states. U.S. West Texas Intermediate crude rose and Brent crude futures climbed. Tehran extended strikes on Qatar and the United Arab Emirates over the weekend. This cycle of attacks casts doubt on an interim U.S.-Iranian agreement. Market analysts suggest the current flare-up represents an escalation within a fragile truce.

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