Brent climbs as Strait of Hormuz tensions spark fresh fears

July 07, 2026 (MLN): The calm waters of the Strait of Hormuz have once again sent shockwaves through global oil markets.

Brent crude futures jumped 0.9% to $72.9 per barrel on Tuesday, according to data by Mettis Global, after reports of an attack on commercial vessels in one of the world’s most critical oil transit routes reignited concerns over supply disruptions.

The Strait of Hormuz, a narrow yet strategically vital waterway, carries nearly one-fifth of global oil shipments. Any threat to shipping activity in the region immediately puts traders on high alert, reminding markets how quickly geopolitical tensions can ripple through energy prices.

The latest developments have raised fresh questions over the stability of the temporary peace arrangement between the United States and Iran, as both sides continue negotiations aimed at securing a long-term resolution to their conflict.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for August delivery gained 0.78% to $69.33 per barrel after closing in the previous session at their lowest level since February 27.

According to Axios, Iran launched at least two missiles at ships passing through the Strait of Hormuz on Monday evening, citing two unnamed U.S. officials. The vessels reportedly sustained significant damage, although no casualties were reported.

Adding to market concerns, the United Kingdom Maritime Trade Operations reported an incident around 8 nautical miles east of Limah, Oman.

A tanker travelling southbound was reportedly hit by an unknown projectile, triggering a fire, though no injuries were reported, as reported by CNBC. 

With tensions once again rising around a key artery for global energy flows, oil traders are watching closely, knowing that even a single spark in the Strait of Hormuz can send waves across the world’s fuel markets.

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