Brent crude jumped back toward $74 a barrel after a projectile struck a Qatari-flagged tanker near the Strait of Hormuz, reversing weeks of calm that had followed a provisional peace deal between the United States and Iran. Qatar blamed Iran for the strike, and the price of oil rebuilt the risk premium it had shed after the truce.
A fresh attack on shipping near the Strait of Hormuz pushed Brent crude back toward $74 a barrel, reversing weeks in which traders had stripped geopolitical risk out of the price. Europe's benchmark advanced more than 2.5% after a projectile hit a vessel flying the Qatari flag in the vicinity of the strait.
Brent retakes the $74 level
In late trading, Brent changed hands at $73.91, an intraday gain of 2.64%, after momentarily topping $74 for the first time in at least ten days. Prices had been contained since the provisional peace agreement between Washington and Tehran. U.S. benchmark WTI rose 2.35% during the session, holding above $70.
What happened near Hormuz
The United Kingdom Maritime Trade Operations (UKMTO) reported that a projectile of unidentified origin hit a tanker and started a fire on board during the early morning, peninsular time. The vessel was sailing about eight nautical miles east of the Omani town of Limah. One report described two tanker strikes in the same waters that morning — a Saudi-flagged crude carrier and a Qatari liquefied natural gas carrier, with reports pointing to Iranian Revolutionary Guard missiles.
Qatar and Iran trade warnings
Qatari authorities held Iran responsible for the attack on the vessel Al Rekayyat and demanded Tehran end practices that threaten maritime navigation. According to Demócrata, foreign ministry spokesperson Mayed al Ansari called it “an unacceptable attack on the security of international maritime navigation”. Iran’s Foreign Minister, Abbas Araqchi, said he will not resume negotiations with the United States “if the threats continue,” answering President Donald Trump’s warning that he would “finish the job” absent a deal.
Sources: Demócrata, FXEmpire (snippet-based)
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