Brent Rises 4.7% Monday as Hormuz Traffic Falls 80% and SPR Nears 1983 Lows
A second consecutive night of US–Iran strikes pushed Brent crude to $79.57 and WTI to $74.29 on July 13, 2026, with the ICE gasoil crack surging nearly 19% in a single session to $64.15 per barrel — a stronger signal of Strait risk than headline crude prices alone. With Hormuz commercial traffic down more than 80% from pre-conflict baselines and the US Strategic Petroleum Reserve already committed to a 172-million-barrel drawdown at 1983-era stock levels, Washington's capacity to credibly offset supply disruption through emergency releases is materially constrained. The next data inflection point is the EIA Weekly Petroleum Status Report on July 15, the first inventory print to cover the early strike period.