Oil prices are rising sharply again in the global market after the US launched a new attack on Iran due to the ongoing standoff in the Strait of Hormuz.

The ongoing counterattacks between the United States and Iran have had a direct impact on the international oil market.

According to the latest market data, the price of international benchmark Brent crude oil increased by 3.3 percent in early trading today (July 13).

Global oil demand forecast to fall

As a result, the price of Brent crude per barrel stood at $78.50, which is well above the recent low of $70.14.

Similarly, the price of US crude oil, or West Texas Intermediate (WTI), also rose 3.4 percent to $73.83 per barrel.

Those concerned believe that if this military tension between the two countries continues, the oil market could become more unstable. 

FP/A