Global oil prices rose on Tuesday after reports emerged that Iran had launched missiles at commercial ships transiting the strategically important Strait of Hormuz, a key route for nearly 20% of the world’s oil shipments. The reported incident has renewed concerns over the stability of global energy supplies and highlighted the fragile state of relations between the United States and Iran despite ongoing diplomatic efforts.
Brent crude futures for September delivery gained around 1.5% to trade above $73 per barrel, while U.S. West Texas Intermediate crude for August delivery also climbed approximately 1.5%, recovering from its lowest closing level since late February. Market analysts said investors reacted swiftly to fears that escalating tensions in the region could disrupt oil exports.
According to a report by Axios, citing unnamed U.S. officials, Iran fired at least two missiles at commercial vessels in the Strait of Hormuz on Monday evening. The ships reportedly sustained significant damage, although no casualties were reported. CNBC has not independently verified the claims. Separately, the United Kingdom Maritime Trade Operations Centre confirmed that a tanker near Limah, Oman, was struck by an unidentified projectile, causing a fire but no injuries.
The latest developments come despite a memorandum of understanding signed last month between Washington and Tehran aimed at ending months of conflict. However, recent negotiations have produced little progress toward a lasting peace agreement, leaving markets alert to the risk of further escalation in one of the world’s most critical energy corridors.
