Oil prices jumped on July 13, 2026, after the United States carried out airstrikes in Iraq and Iran retaliated, raising fears of a broader conflict. Brent crude, the international benchmark, climbed as much as nearly 5% in early trading before falling back, according to market data.
The US airstrikes targeted Iranian-backed militia positions in Iraq, the Pentagon confirmed. Iran responded with missile attacks on US forces in the region, though no casualties were immediately reported. The escalation follows weeks of tensions over Iran's nuclear program.
Global stock markets were mixed on the day. Asian shares mostly fell, while European indexes edged higher. Analysts warned that sustained oil price increases could weigh on the global economy, particularly in import-dependent countries.
The situation remains fluid, with diplomatic efforts underway to de-escalate. The United Nations called for restraint, and both sides signaled willingness to avoid all-out war.
