International oil prices surged over 3% as the U.S. and Iran continued military confrontations over control of the Strait of Hormuz, a critical route for global energy transport. The renewed tensions in the Middle East also led to a decline in U.S. stock index futures.
According to CNBC, as of 6:03 p.m. Eastern Time on July 12, West Texas Intermediate (WTI) crude futures rose 3.4% to $73.87 per barrel. Brent crude, the international benchmark, increased by 3.5% to $78.67 per barrel.
U.S. stock index futures showed weakness. At around 7:50 a.m. Korean time, September S&P 500 futures fell 22.00 points (-0.29%) to 7,598.25. Dow Jones Industrial Average futures dropped 103.00 points (-0.19%) to 52,803.00, while Nasdaq 100 futures decreased by 152.00 points (-0.51%) to 29,880.25.
This situation follows a series of airstrikes exchanged between the U.S. and Iran over the Strait of Hormuz, raising concerns about potential disruptions in oil supply and increasing risk aversion among investors.
According to U.S. Central Command, the military struck 140 targets in Iran the previous day and conducted additional airstrikes in response to an attack by the Iranian Revolutionary Guard on a container ship passing through the Strait.
Iranian state media reported that Iranian forces attacked U.S. military facilities in Jordan, Kuwait, Bahrain, and Oman.
Both sides have made conflicting claims regarding the navigation of the Strait of Hormuz. Iranian state media stated that the Revolutionary Guard has closed the strait until further notice, while the U.S. military countered that the strait remains open to all vessels seeking to navigate legally.
U.S. Central Command stated on social media, "U.S. forces are positioned to ensure freedom of navigation despite Iran's unjust attacks and threats, and they are prepared for any situation. Iran does not control the strait, and vessel operations continue."
President Donald Trump also asserted during an NBC interview on 'Meet the Press' that the Strait of Hormuz is open.
The Joint Maritime Information Center (JMIC), a U.S.-led naval coalition based in Bahrain, confirmed that the southern route through Omani waters is open to all inbound and outbound vessels. However, it cautioned that the security situation in the Strait of Hormuz remains serious and urged vessels to maintain heightened vigilance.
This conflict was triggered by differing interpretations of a memorandum of understanding (MOU) signed by the U.S. and Iran on June 17 regarding the reopening of the Strait of Hormuz. The U.S. has conducted airstrikes in response to Iranian attacks on commercial vessels in the strait, while Iran has retaliated with attacks targeting U.S. military bases in the region.
* This article has been translated by AI.
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