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Last updated: July 13, 2026, 11:30 AM ET

Middle East Tensions Drive Oil Prices Higher, Impacting Global Markets

Oil futures, prompting a "risk-off" sentiment among investors. Strait Hormuz to its lowest point in a month following an Iranian attack and subsequent US strikes, with little crude oil being transported through the critical waterway. In response on the UAE's east coast to bypass the Strait of Hormuz, representing a significant strategic shift. The United Arab Emirates in June after exiting OPEC to escape production quotas. Meanwhile, Abu Dhabi National Oil Co. will sell offshore crude for collection outside the Strait of Hormuz at levels indexed to the Dubai benchmark. US stocks dropped on Monday as investors assessed tit-for-tat attacks between the US and Iran and conflicting information over the status of the Strait of Hormuz. Renewed Iran for traders who had bet on subsiding Middle East tensions. India's trade deficit widened in June, with uncertainty over the US-Iran conflict and shipping through the Strait of Hormuz clouding the outlook for global supply chains. European stocks were muted as declines in technology shares were offset by gains in the energy