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Crude Prices Stay Below $80 Despite U.S.-Iran Escalation; Markets See Conflict as Contained

2026-07-13 20:13:52

According to Mohamed El-Erian, Chief Economic Advisor at Allianz, crude oil prices remained below $80 per barrel on Monday despite escalating U.S.-Iran tensions over the weekend. During a CNBC interview, El-Erian explained that markets deeply believe the ongoing skirmishes between the two nations will remain contained and will not escalate into a long-term closure of the Strait of Hormuz. He noted that markets have "so much else" to focus on, including the June Consumer Price Index and Federal Reserve Chair Kevin Warsh's congressional testimony. U.S. West Texas Intermediate crude futures for August gained 3.22% to $73.71 per barrel, while Brent crude for September rose 3.2% to $78.44 per barrel.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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