📈 OIL gains 2%

Brent crude (OIL) futures are up more than 2% today, climbing above $73 per barrel as geopolitical tensions flare again in the Strait of Hormuz. According to reports, at least three commercial vessels were damaged, including a Qatari LNG tanker, a Saudi crude oil supertanker, and another vessel struck by a drone.

• Qatar accused Iran of carrying out the attack, calling it a serious violation of international law and a threat to the security of global energy supplies.
• At the same time, Iran announced that it will not resume negotiations with the United States if Washington continues to issue military threats.

New tanker attacks drive oil prices higher

Oil prices are rising sharply following reports of additional attacks in one of the world's most important energy shipping routes. The U.K. Maritime Trade Operations (UKMTO) said several commercial vessels transiting the Strait of Hormuz came under attack, with at least three ships sustaining damage.

The most serious incident involved the Qatari LNG tanker Al-Rekayyat, which was struck by a projectile near the coast of Oman. A fire broke out in the engine room, raising concerns about a potential explosion. The Saudi crude oil supertanker Wedyan was also reportedly damaged, while a third vessel was hit by a drone and suffered minor structural damage. According to available information, there were no casualties or environmental spills.

Iran denies responsibility but had warned ships

Although Iran has not officially claimed responsibility for the attacks, Iranian state television reported that at least one of the tankers had ignored previous warnings from Iranian forces regarding the approved shipping route through the Strait. All three vessels were reportedly sailing along the southern route near Oman's coast, which Iran had warned against using last week.

Qatar and Gulf states condemn Iran

Qatar's Foreign Ministry described the attack as "a grave and explicit violation of international law," accusing Iran of threatening international navigation and global energy security. Doha called for an immediate halt to actions endangering maritime traffic and demanded that Iran be held accountable for any consequences resulting from the attacks.

The Secretary-General of the Gulf Cooperation Council (GCC) also condemned what he described as a "brutal" attack on the Qatari tanker, calling it a dangerous escalation that threatens regional stability. He urged the international community to take a firm stance against further attacks.

US-Iran tensions continue to escalate

Oil prices are also receiving support from worsening diplomatic relations between Washington and Tehran. Iranian Foreign Minister Abbas Araghchi said Tehran would not return to negotiations if the United States continues making military threats. Talks remain suspended during a week-long period of mourning following the death of Iran's Supreme Leader.

His comments came a day after President Donald Trump warned that unless a peace agreement is reached, the United States would "finish the job" in dealing with Iran.

Why the Strait of Hormuz matters

The Strait of Hormuz remains one of the world's most critical energy chokepoints. In peacetime, roughly 20% of global oil and natural gas trade passes through the narrow waterway, meaning that even isolated military incidents can quickly increase the geopolitical risk premium embedded in energy prices.

For now, markets are not pricing in a prolonged disruption to global energy supplies. However, the latest attacks highlight how fragile the security situation remains. Any further escalation or restrictions on shipping through the Strait of Hormuz could quickly push oil and natural gas prices even higher.

OIL charts (D1 and H1)

Brent crude is rebounding today and has reached its highest level since June 30, climbing to nearly $74 per barrel.

Source: xStation5

Source: xStation5