The VLCC Mobassa B (beforehand named Entrance Forth), one of many two tankers which the UAE defence ministry stated was struck by Iranian cruise missiles whereas transiting the Strait of Hormuz, in Rotterdam, Netherlands, August 18, 2024, on this image obtained by Reuters on July 14, 2026.
Edwin van Werd | by way of Reuters
Oil costs rose on Thursday after a tanker was struck by an unknown projectile off Saudi Arabia and U.S. President Donald Trump threatened to bomb Iranian infrastructure in response to any assaults on ships transiting the Strait of Hormuz, escalating considerations over disruptions to international crude provides.
The UK Maritime Commerce Operations on Thursday stated it had obtained a report {that a} tanker was hit by an unknown projectile round 70 nautical miles southwest of Al Shuqaiq.
The strike sparked a hearth onboard that the crew was preventing, though there have been no reported casualties.
Brent crude futures for September supply gained 2% to $95.99 per barrel. U.S. West Texas Intermediate crude futures superior round 1.7% to $88.27 per barrel.
The assault got here hours after Trump warned the U.S. would destroy an Iranian bridge or energy plant every time Tehran assaults a ship within the Strait of Hormuz, signaling an additional escalation in tensions following the collapse of the U.S.-Iran ceasefire.
“From this level ahead, any time the Islamic Republic of Iran shoots at a ship within the Strait of Hormuz, whether or not or not it’s by Missile, Rocket, Drone, or another system or weapon, the US will bomb and destroy ONE BRIDGE OR POWER PLANT,” Trump stated.
Iran responded by warning it could retaliate in opposition to U.S.-linked infrastructure and power belongings throughout the area if Washington carried out these strikes.
“If the Individuals goal a bridge or an influence plant in Iran, Iran will, in flip, strike infrastructure and bridges within the area, together with power amenities the place the US has pursuits,” an unnamed Iranian navy supply instructed state-run Tasnim Information Company.
Earlier on Wednesday, Secretary of State Marco Rubio stated Iran was not being “critical” about reaching an settlement with Washington, whereas sustaining that the U.S. remained “dedicated to diplomacy” within the Center East.
The latest rally in oil displays renewed considerations over the Strait of Hormuz after the breakdown of the U.S.-Iran ceasefire, HSBC stated in a be aware late Wednesday, warning that the outlook now hinges on whether or not diplomacy can restore predictable transport flows.
“Since 7-8 July, the ceasefire has frayed as Iranian assaults on vessels transiting the strait of Hormuz prompted U.S. retaliatory strikes,” stated Kim Fustier, the financial institution’s senior international oil and fuel analyst.
“The core concern stays unresolved: whether or not passage is run, and by whom. In hindsight, the extra visitors was rising via the US-managed Omani lane, the much less this final result suited Iran,” added Fustier.
