Global oil prices climbed on Tuesday after reports that Iranian forces attacked commercial vessels transiting the Strait of Hormuz, heightening concerns over the security of one of the world’s most critical oil shipping routes and raising fresh doubts about the durability of the U.S.-Iran ceasefire.
International benchmark Brent crude for September delivery rose about 1.5% to trade above $73 per barrel, while U.S. West Texas Intermediate (WTI) crude for August delivery gained roughly 1.5% to around $69.50 per barrel, recovering from its lowest closing level since late February.
The price rally followed a report by Axios, citing two unnamed U.S. officials, that Iran fired at least two missiles at commercial ships navigating the Strait of Hormuz on Monday evening. The report said the vessels sustained significant damage but there were no casualties.
Separately, the United Kingdom Maritime Trade Operations (UKMTO) confirmed receiving a report of a maritime incident about eight nautical miles east of Limah, Oman. According to the British maritime security agency, an oil tanker travelling southbound was struck by an unidentified projectile, causing a fire on board. No injuries were reported.
The Strait of Hormuz remains one of the world’s most strategically important maritime chokepoints, with around one-fifth of global oil supplies passing through the narrow waterway. Any disruption to shipping in the region typically triggers immediate reactions in international energy markets.
The latest incident comes despite an interim peace agreement signed by the US and Iran last month to halt nearly four months of conflict. However, negotiations aimed at securing a permanent settlement concluded last week without a breakthrough, leaving uncertainty over the future of bilateral relations.
US President Donald Trump renewed pressure on Tehran on Monday, warning that the two countries would either reach a comprehensive agreement or the United States would “finish the job,”.
