Brent Crude reached $86.06 per barrel by 9:00 a.m. London time, marking a 12% rally since Friday. West Texas Intermediate followed the trend, climbing 3.1% to hit $80.58, its highest point in a month. Markets reacted sharply as the incident dismantled the assumption that the southern shipping lane near Oman offered a secure passage through the critical chokepoint.
Oil Prices Spike Above $86 After Iranian Strike on UAE Tankers
Two Iranian cruise missiles struck the Mombasa and Al Bahiyah tankers in the Strait of Hormuz on Tuesday, prompting an immediate 3% surge in global oil prices. The attack, occurring within Omani territorial waters, killed one crew member and signaled a dangerous escalation in Middle East maritime security.
The UAE Ministry of Defense confirmed the strikes, which caused significant damage to the ADNOC Logistics and Services vessels. Eight crew members were wounded in the assault, four of them seriously. Officials in Abu Dhabi condemned the act as a blatant breach of international law, stating the country reserves the right to respond to the provocation. The incident forces a reassessment of transit risks in the region, as the vulnerability of commercial tankers to targeted missile fire becomes a primary driver for the current market volatility.
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