Oil prices surge above 104 dollars following Strait of Hormuz tanker attacks

Crude oil prices surged to their highest levels since September following accelerated attacks on maritime tankers passing through the Strait of Hormuz, according to reports from Rigzone and Oilprice. Rigzone reported that Brent crude rose 4.1 percent to settle above 104 dollars per barrel, while Oilprice reported that Brent crude climbed above 105 dollars per barrel, marking an increase of over 4.8 percent. [1][2]

The price increases follow escalating strikes by Iranian forces targeting vessels in the waterway. Oilprice cited tracking data from the analytics firm Kpler showing that crude shipments traversing the Strait of Hormuz dropped 27 percent from the previous week to 10.1 million barrels per day, pushing tanker traffic through the passage to a two month low. UrduPoint also reported an attack on an oil tanker near the coast of Qatar. [1][4][6]

The United States and Israel have been engaged in a military conflict with Iran and its regional allies since 28 February 2026. The fighting began when joint strikes targeted Iranian facilities and high ranking officials following months of heightened regional tensions. [9]

Supply concerns in global markets have been compounded by severe weather in the United States. Energy producers in the Gulf of Mexico have begun shutting down offshore production and preparing facilities ahead of the first Atlantic hurricane of the year, according to Rigzone and Oilprice. [1][2]