International crude oil prices surged significantly on Monday as heightened military tensions between the US and Iran intensified market concerns over potential disruptions to traffic through the Strait of Hormuz. Brent crude futures approached $85 per barrel at one point, reaching their highest level in a month.

The escalation in military conflict is having a tangible impact on the world's most critical energy transport route. Vessel tracking data indicates a sharp decline in the number of ships passing through the Strait of Hormuz, with only 14 vessels transiting on July 12th—a drop of over 60% compared to the average daily volume at the beginning of the month. A significant number of oil tankers and merchant vessels are being held up in the Gulf region, as shipowners and insurance companies reassess voyage risks. According to reports, the US military's Central Command has stated it will continue to escort civilian vessels but has also acknowledged the situation it faces is extremely serious.