Oil prices rise after reported Iran attack
A sailor observes the HELGA oil tanker as it docks at one of Iraq’s southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second ship to arrive since the closure of the Strait of Hormuz on April 24, 2026.
Muhammad Horse | Reuters
Oil prices rose Tuesday morning following news that Iran attacked commercial ships in the strategically vital Strait of Hormuz.
The attacks reported in the waterway, which typically handles about 20% of the world’s oil traffic, reaffirm the fragility of the interim peace deal between the United States and Iran, which are negotiating a permanent end to their war.
International comparison Brent crude oil Futures for September delivery rose 1.5% to $73.09 per barrel, extending previous gains.
WE West Texas Intermediate Futures for August delivery rose 1.5% to $69.56, after closing at their lowest level since February 27 in the previous session.
Iran fired at least two missiles at ships sailing in the Strait of Hormuz on Monday evening, Axios reports reportedCiting two unnamed US officials. The ships suffered serious damage in the attack, but there were no casualties, a US official told Axios.
CNBC could not independently verify the report.
Meanwhile, the UK Merchant Marine Operations Centre, a British maritime security alert service, in question On Monday, a report was received of an incident 8 nautical miles east of Limah, Oman.
UKMTO said a tanker was hit by an unknown shell while heading south, resulting in a fire. There was no loss of life in the incident.
Oil prices in the last three months.
Washington and Tehran signed a memorandum of understanding last month to end their nearly four-month-long war.
Indirect talks wrapped up last week with no meaningful progress toward a lasting peace deal.
USA> President Donald Trump renewed his threat of military action against the Islamic Republic, saying on Monday that either the two countries will make a deal or the United States will “finish the job.”
“The situation around the Strait of Hormuz remains uncertain. But as we have been discussing since March, both sides ultimately have an interest in containing the conflict,” Holger Schmieding, Berenberg’s chief economist, said in a research note published Friday. he said.
“Ahead of the midterm elections for Congress on November 3, US President Donald Trump wants low oil prices, while the Revolutionary Guard in Tehran is eyeing money from possible sanctions relief,” they added.
