Heightened tensions between the US and Iran have once again driven up the risk premium for crude oil. In the early hours of July 14 Beijing time, international oil prices staged a powerful rally, with intraday gains expanding to 10%. By the close, September Brent crude futures on ICE surged 9.59% to $83.30 per barrel, while August WTI crude futures on NYMEX rose 9.42% to $78.14 per barrel, both reaching their highest levels in nearly a month. As Asian markets opened, WTI prices continued to climb, now approaching the $80 per barrel threshold.
Concurrently, spot gold experienced a late-night plunge, falling below the $4,000 mark once again. The three major US stock indices all closed lower, with the Dow Jones Industrial Average down 0.26%, the Nasdaq Composite falling 1.55%, and the S&P 500 index declining 0.79%.
On the news front, reports cited by Xinhua indicate that US President Donald Trump has formally notified Congress of a renewed conflict with Iran. In a letter to congressional leaders dated the 10th, Trump stated that US forces conducted a "defensive strike" against targets in Iran on the 7th.
The latest developments have dashed market hopes for a de-escalation of regional conflict and the resumption of shipping through the Strait of Hormuz. The resurgence in energy prices has reignited concerns about inflation and its potential to hamper economic growth.
US Central Command announced on social media on the 13th that, per President Trump's directive, maritime blockade operations against Iran would resume starting at 4:00 PM Eastern Time on the 14th. Earlier that day, Trump posted on social media that the US would reinstate the maritime blockade on Iran and impose a 20% fee on all cargo transiting the Strait of Hormuz. Additionally, US forces conducted airstrikes against Iran for a third consecutive night.
Following a memorandum of understanding signed remotely by the US and Iranian presidents on June 17, US forces had lifted the maritime blockade on all traffic to and from Iranian ports and coastal areas. However, during the NATO summit in Ankara, Turkey on July 8, Trump stated that he believed the understanding reached with Iran "has ended."
On the evening of the 13th, Yemen's Houthi rebels released a video via social media threatening attacks on multiple targets in Saudi Arabia. The footage included aerial images and geographical coordinates of key facilities such as King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, King Fahd International Airport in Dammam, and major ports, accompanied by text stating "retaliation is coming." Earlier that day, Sanaa International Airport in the Houthi-controlled Yemeni capital was struck by an airstrike. The Houthis accused Saudi Arabia of launching the attack and vowed retaliation. The Saudi-led coalition later stated that its air defense systems had intercepted ballistic missiles fired by the Houthis towards southern regions of Saudi Arabia.