US-Iran war, July 13 -- Oil prices surged on Monday, 13 July, after the US and Iran exchanged fresh military strikes, while both sides issued conflicting claims over the status of the Strait of Hormuz, a key global energy shipping route.

Brent crude climbed 3% above $78 a barrel after gaining 5.4% last week, while US benchmark West Texas Intermediate hovered near $74. European natural gas prices also advanced by as much as 2.7%.

Iran claimed the Strait of Hormuz had been closed "until further notice," a statement rejected by the US Central Command (Centcom), which said it had launched further attacks to safeguard freedom of navigation through the strategic waterway.

Sunday's strikes marked the fourth round of US military action in a we...