International crude oil futures prices saw a significant increase of over 3 percent as trading commenced for the new week late on the 12th, driven by ongoing concerns over supply due to military conflict between the United States and Iran.

As of 6:15 PM Eastern Time on the 12th, the price for August delivery of West Texas Intermediate (WTI) crude on the New York Mercantile Exchange rose by as much as $2.54 to $73.95 per barrel, marking a 3.56 percent gain. Concurrently, the price for July delivery of Brent crude futures in London increased by $2.79 to $78.80 per barrel, representing a 3.67 percent rise.

The U.S. Central Command stated on the 11th that American forces had targeted approximately 140 Iranian military sites that day. Iran subsequently announced a series of strikes against U.S. military targets in the Middle East region.

In the early hours of the 12th local time, the Iranian Islamic Revolutionary Guard Corps Navy declared that the Strait of Hormuz would be closed effective immediately until further notice and until the United States ceased its interference in the area, citing insecurity caused by the illegal intervention of foreign forces.

However, the U.S. Central Command posted on social media on the morning of the 12th Eastern Time, stating that "transit continues" through the Strait of Hormuz.

Following a memorandum of understanding reached between the U.S. and Iran in June, the prospect of the Strait of Hormuz reopening had briefly pushed international crude futures prices down to their lowest levels since early March this year. However, with the resurgence of U.S.-Iran tensions last week, oil prices have rebounded notably.