Tanker struck by three projectiles in Hormuz as U.S.-Iran conflict escalates
Tensions in the Strait of Hormuz have escalated following a projectile attack on an oil tanker and renewed military strikes between the U.S. and Iran. The conflict has caused a rise in global oil prices.
Why it matters
Instability in the Strait of Hormuz poses a direct threat to global energy supplies and international maritime security.
Oil prices extended gains Tuesday as traders mulled the threat of escalation, following the resumption of U.S.-Iran military strikes and more turmoil in the Strait of Hormuz.
A tanker was struck by three unknown projectiles while transiting Hormuz on Monday, according to an incident report from the the U.K. Maritime Trade Operations Centre .
Brent crude futures, the international benchmark, were up 1.6% to $91.90 a barrel by 8:19 a.m. ET. U.S. West Texas Intermediate futures added 2% to $87.48 per barrel.
The tanker was sailing in the southern shipping lane close to the Omani coast, the UKMTO said, adding that no casualties were reported.
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