Oil Prices Climb As Hormuz Tensions Return To Haunt
(RTTNews) - Oil prices rose more than 1 percent on Tuesday after reports suggested that two commercial vessels were struck by Iranian missiles while transiting the Strait of Hormuz late Monday, reigniting Middle East tensions.
Brent crude futures jumped 1.7 percent to $73.18 a barrel, reaching a one-week high on doubts over the durability of the U.S.-Iran peace agreement. WTI crude futures were up 1.4 percent at $69.53 a barrel.
British maritime authorities said a vessel navigating off Oman's coast in the Strait of Hormuz was struck by a projectile, renewing concerns among shipowners. Iranian television said the liquefied natural gas tanker came under attack after ignoring warnings.
Iran's Revolutionary Guards fired at least two missiles at commercial ships passing through the key waterway, damaging two vessels, according to Axios.
A U.S. official said both vessels suffered significant damage but no casualties. It was said the U.S. is likely to respond with strikes against Iranian targets.
U.S. President Donald Trump said at the White House on Monday that the U.S. is going to get the 'nuclear dust' and that there will be no nuclear weapons, referring to the Iran-U.S. deal.
"We're going to win one way or the other. We're going to either make a deal or we're going to finish the job - and it won't be tough to finish the job," Trump said.
In another significant development, Saudi Arabian oil giant Saudi Aramco cut price of its main crude grade effective August for Asian customers after OPEC+ members backed another modest rise in collective quota for next month. The last two times the company offered the grade at a discount were during oil wars in 2020 and 2015.
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