Brent crude breaks $81 for first time since late June as Iran ceasefire ends

The benchmark oil price surged 6.6% in the session, extending a sharp rally triggered by the abrupt collapse of the Iran truce and renewed fears of supply disruption.

By Handelsavisen Newsroom · Automated 2026-07-13 17:56 UTC · 1 min read

Brent crude futures climbed above $81 per barrel on the ICE exchange, marking the first time the benchmark has traded at that level since June 22.

The move represents a 6.59% gain in the session, pushing the contract to $81.02 as of late trading hours.

Markets are rapidly adjusting to the heightened geopolitical risk, with energy prices surging nearly 8% earlier in the day before consolidating near the $81 mark.

The sharp repricing follows the abrupt end of the ceasefire with Iran, a development that has reignited concerns over potential supply disruptions in the Persian Gulf.

Markets are rapidly adjusting to the heightened geopolitical risk, with energy prices surging nearly 8% earlier in the day before consolidating near the $81 mark.

The rally underscores the sensitivity of global oil markets to Middle East stability.

With the truce collapsed, traders are pricing in a higher premium for supply risk, particularly regarding Iranian exports and regional shipping routes.