Global oil prices climbed above $90 per barrel on Tuesday after Iran launched fresh attacks on oil tankers in the Strait of Hormuz, raising fears of prolonged disruptions to crude supplies from one of the world’s most important energy transit routes.
Brent crude moved above the $90 mark as reports emerged that the Kaifan, a Kuwait-owned oil products tanker, was struck by an unidentified projectile near Oman. The incident added to growing concerns over the safety of commercial shipping in the region.
The United Kingdom Maritime Trade Operations (UKMTO) confirmed receiving reports of a tanker being hit about eight nautical miles northeast of Limah, Oman. According to the agency, the vessel’s crew abandoned the ship and evacuated in lifeboats, with no environmental damage immediately reported.
Iran’s Islamic Revolutionary Guard Corps (IRGC) later claimed that two oil tankers caught fire following explosions in the Strait of Hormuz. The group described the vessels as violators and said search and rescue teams were evacuating their crews.
The latest attacks come as commercial shipping through the Strait has slowed significantly, with several tanker operators suspending voyages due to escalating security risks. The disruption has pushed tanker traffic through the strategic waterway to a two-month low, heightening concerns over global oil supplies during the peak summer demand season.
Regional tensions intensified further after Yemen’s Iran-backed Houthi movement announced a naval blockade of Saudi Arabia, threatening another export route used by the kingdom to bypass the Strait of Hormuz.
The IRGC warned international shipping companies against using what it described as dangerous routes through the Strait and declared that no oil, gas or petrochemical shipments would pass through the waterway without Iran’s approval while U.S. military operations continue.
It remains unclear whether the tanker reported by UKMTO was one of the two vessels the IRGC claimed to have struck or a separate incident.
The Strait of Hormuz is one of the world’s most critical oil transit chokepoints, handling a significant share of global crude exports. Any disruption to shipping through the route is closely watched by energy markets because of its potential impact on global supply and fuel prices.
Oil prices had fallen to around $71 per barrel following the ceasefire agreement reached by the United States and Iran in June. However, renewed hostilities and fresh attacks on shipping have reversed that trend, sending crude prices sharply higher and renewing concerns over global energy security.
