en.Wedoany.com Reported - International crude oil futures prices rose significantly at the start of the new trading week late on July 12, with gains exceeding 3%.

As of 18:15 Eastern Time on the 12th, light crude oil futures for August delivery on the New York Mercantile Exchange rose by as much as $2.54 to $73.95 per barrel, an increase of 3.56%; Brent crude oil futures for July delivery on the London market rose by $2.79 to $78.80 per barrel, an increase of 3.67%.

The Strait of Hormuz is a vital global oil transportation route, accounting for approximately one-third of the world's total seaborne oil trade.

After the United States and Iran reached a memorandum of understanding in June, the prospect of resumed navigation through the Strait of Hormuz once pushed international crude oil futures prices down to their lowest levels since early March this year. However, with renewed tensions between the U.S. and Iran last week, oil prices rebounded significantly. Market analysts point out that changes in the navigational status of the Strait of Hormuz are directly linked to the stability of global crude oil supply, and subsequent developments will remain a key variable influencing the trend of international oil prices.