# Oil prices surge over 3% after Iran declares Strait of Hormuz closed Oil prices rise more than 3% - **Source:** [All News](https://brifing.si/source/08b8064b-247f-4829-ae25-3602b47f58a9) - **Published:** 2026-07-13 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/11910fb6-5084-4d36-a778-c64350fe203e ## Sudden surge in oil prices Oil prices surged more than 3% after Iran declared the closure of the Strait of Hormuz. This move caused fluctuations in global energy markets. ## Importance of the Strait of Hormuz The Strait of Hormuz is a strategic waterway through which about one-third of the world's oil trade passes. Iran's threat to close it could severely impact global energy supply. ## Background of Iran's decision Iran's decision to close the Strait of Hormuz is linked to rising political tensions in the region. This move could draw reactions from the international community. ## Impact on oil markets The rise in oil prices could increase energy costs, putting pressure on economies. This situation could particularly strain countries dependent on oil imports. ## Global reactions Swift reactions are coming from the international community against Iran's decision. Many countries are seeking diplomatic solutions to maintain stability in the region. ## Future scenarios If the Strait of Hormuz is closed, oil prices are expected to rise further. This situation poses a significant risk to the global economy and energy markets. ## Sources covering this story - https://www.investing.com/news/commodities-news/oil-prices-jump-over-3-after-iran-declares-strait-of-hormuz-closed-4787390 — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._