Oil Prices Surge 11% in Two Days, Persian Gulf Shipping Volume Plummets

According to Jinlian Creative and Jin10, oil prices surged 11% in two trading days as of July 14, marking the largest two-day percentage gain since mid-March. WTI crude rose $7.93 per barrel (11.10%) while Brent crude climbed $8.72 per barrel (11.47%). Shipping data shows bulk cargo vessels transiting the Persian Gulf dropped sharply to 11 per day during July 11-13, compared to 30 per day from July 1-10.

Deutsche Bank attributed the rally to escalating U.S.-Iran tensions and fresh hawkish comments from former President Trump on the Strait of Hormuz. Brent crude logged its largest single-day gain since 2020 on July 13.