Hormuz Strait Attack Sends Oil Prices Higher Amid Ongoing Tensions
Oil prices were on track for their first weekly gain in three after a fresh attack on a vessel in the Strait of Hormuz left the status of key supply flows through the waterway uncertain. The global oil benchmark, Brent, had edged down 0.2% to $86.84 a barrel, while WTI futures dipped 0.4% to $80.91 a barrel by 09:30 ET (13:30 GMT).
Brent and WTI futures were trading up around 5% this week, as the effective closure of the Strait of Hormuz has been a key point of support for oil prices this year. Roughly a fifth of the world's oil and liquefied natural gas passes through the narrow conduit prior to the start of the Iran war in late February.
A tanker in the Strait of Hormuz was struck by an uncrewed aerial vehicle while attempting to exit the waterway, according to the United Kingdom Maritime Trade Operations agency. The vessel sustained minor damage, and its crew are safe and accounted for, with no environmental impact reported.