India, July 13 -- Brent crude futures climbed to $79.11 a barrel, up roughly 4% on the session, while US WTI crude gained a similar margin to trade near $74.32. The rally followed a weekend of renewed hostilities, with the US carrying out strikes on Iranian targets and Tehran retaliating against US-linked facilities in Kuwait and Bahrain.

Iran declared the Strait of Hormuz closed "until further notice," a claim the US Central Command rejected, saying its forces were instead conducting operations to keep the waterway open. Ship-tracking data from Kpler showed only six vessels transited the strait on Sunday, the lowest in five weeks, pointing to growing caution among shipping operators even without a formal blockade.

The Strait of Hormuz ...