International oil prices rise by more than 3% as US-Iran conflict continues.

International crude oil futures prices rose significantly on Sunday evening (July 12) as concerns about oil supply in the international market were heightened by the ongoing military conflict between the United States and Iran. The price increase was more than 3%.

According to Xinhua News Agency, as of 6:15 p.m. Eastern Time on the 12th, the price of light sweet crude oil futures for August delivery on the New York Mercantile Exchange rose by a high of $2.54 to $73.95 per barrel (approximately S$95.65), an increase of 3.56%; the price of Brent crude oil futures for July delivery on the London ICE Futures Exchange rose by $2.79 to $78.80 per barrel, an increase of 3.67%.

Bloomberg reported that the U.S. Central Command posted on the social media platform X on the 12th that the U.S. military launched another airstrike against Iran that afternoon, aimed at further weakening Iran's ability to attack civilian ships in the Strait of Hormuz.

The U.S. Central Command said the airstrikes began at 5 p.m. New York time on the 12th (5 a.m. Singapore time on the 13th). This is the fourth U.S. military strike against Iran in the past week.

Following the memorandum of understanding reached between the United States and Iran in June, the prospect of reopening the Strait of Hormuz initially caused international crude oil futures prices to fall to their lowest level since early March this year. However, with the resurgence of conflict between the United States and Iran last week, oil prices rebounded significantly.

Source: [Lianhe Zaobao] (https://www.zaobao.com/news/world/story20260713-9354465)