Oil prices rise after attacks on tankers in Strait of Hormuz, U.S. revokes Iran sale authorization
Oil prices rose Tuesday after Iran attacked a tanker from Qatar near the strategically vital Strait of Hormuz.
The attack near the waterway, which typically handles around 20% of the world’s oil traffic, reaffirm the fragility of the U.S. and Iran’s interim peace agreement, as they negotiate a permanent end to their war.
Brent crude futures, the international benchmark, settled 3% higher at $74.16 per barrel. U.S. West Texas Intermediate futures advanced 2.8% to $70.44.
Iran attacked the Qatari liquefied natural gas tanker Al-Rekayyat while it was transiting near the Strait of Hormuz, said Dr. Majed al Ansari, the spokesperson for Qatar’s Ministry of Foreign Affairs.
“We demand that the Islamic Republic of Iran immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation,” al Ansari said in a social media post. “We hold it fully legally responsible for this attack & for any resulting damages & consequences.”
Qatar’s confirmation of the attack comes after the United Kingdom Maritime Trade Operations Centre reported Monday that a tanker was struck by an unknown projectile about 8 nautical miles east of Limah, Oman. The UKMTO is a maritime security alert service.
Another tanker transiting Hormuz on Tuesday was apparently hit by an unidentified projectile and is believed to have suffered structural damage, the UKMTO said in another incident report.
