Hormuz Strait Incident Sends Brent Crude Soaring Above $91 per Barrel

A cargo vessel was struck by an unknown projectile in the Strait of Hormuz on Tuesday local time, pushing Brent Crude oil prices above $91 per barrel.

The incident occurred while the vessel was conducting an outbound transit of the Strait of Hormuz, according to a report from the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization.

The UKMTO warning notice stated that the unknown projectile caused damage to the engine room and resulted in a crew casualty, but no environmental impact has been reported at present. The remaining crew are being assisted by the Omani Coast Guard.

Early on Tuesday in Asian trade, Brent Crude prices had topped $91 per barrel, trading 0.69 per cent higher at $91.50 a barrel. The U.S. benchmark, WTI Crude, topped $85 per barrel, rising by 0.92 per cent on the day to $85.28.