Crude oil prices jump above $101/barrel after 13th round of US attacks on Iran amid no signs of a fresh ceasefire deal

Crude oil prices in the global market jumped to above $101 per barrel (bbl) during the early hours on Friday, July 24, as commodity market investors focused on the 13th round of US strategic attacks on Iran and US President Trump’s comments about how America is not ready to negotiate a new ceasefire deal.

Latest update from West Asia showed that the United States completed its 13th consecutive attack against strategic Iranian targets on Thursday evening around 9 pm (ET), July 23, as the country aims to reduce the threats to shipping vessels passing through the Strait of Hormuz.

Investing.com data showed that global benchmark Brent crude oil prices have surged 15% so far this week to hit a high of $101.16 per bbl on Friday’s market, compared to $88 per bbl levels at the previous week’s market close.

Although the United States and Iran agreed to a 60-day period to negotiate a final peace agreement, with the recent attacks and escalations in the region, a final agreement seems to be nowhere near.

With oil prices linked to the developments in West Asia, investors will continue to monitor the attacks, as the escalations in the Strait of Hormuz and now at the Red Sea have risked another round of supply chain disruptions.

Oil prices today

After surging to this week’s high level, Brent crude oil prices were trading 1.72% lower at $98.96 per bbl on Friday’s market, compared to $100.69 per bbl at the previous commodity market close, Investing.com data showed.

The exchange data also showed that crude oil prices were up over 12% in the last one-week period and have gained more than 34% in the last one-month period. Crude oil prices were down 6% in the last three months, but have risen 52% in the last six months.

The US-based West Texas Intermediate (WTI) crude oil prices were trading 1.7% lower at $90.58 per bbl on Friday’s market, compared to $92.19 per bbl at the previous market close levels.

Investing.com data also showed that WTI crude oil prices surged to an intraday high of $92.81 per barrel on Friday’s market.

13th round of US attack on Iran

US Central Command, in an official statement on Friday, India time, said that the military forces have completed the 13th consecutive round of night attacks against strategic Iranian targets.

“CENTCOM targeted Iranian military command centres, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities to further diminish the threat Iran poses to civilian mariners and commercial vessels transiting the Strait of Hormuz,” they said in the official statement.

The Central Command also said that the international waterway remains open for transit despite recent attacks from Iran's Islamic Revolutionary Guard Corps, as commercial ships reportedly continue to freely navigate the strait with US military support.

Earlier media reports also showed that the Iran-backed Houthis attacked two Saudi-flagged oil tankers in the Red Sea for allegedly violating the militant group’s blockade of the Saudi ports on Thursday.

Trump’s recent comments

According to a CNN report, US President Donald Trump signalled on Thursday that the United States is not ready to negotiate a new ceasefire with Iranian authorities, highlighting that “they need more of the same.”

“We’re doing very well against the Islamic Republican of Iran, we’re doing extremely well,” said Trump during an appearance at the Environmental Protection Agency. “They would like to do something, but I say they’re not ready yet. They need more of the same,” he said.

In a Truth Social post on Friday, US President Donald Trump also said that from Friday onwards all damages done on commercial ships will be paid by Iranian Money that the United States has in its possession.

“Until further notice, that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls,” said President Trump in his post.