Hormuz Tensions Send Oil Prices Soaring Amid $87 Billion Windfall for Majors
The global oil market experienced a significant price surge due to renewed tensions around the Strait of Hormuz, a strategic waterway through which a substantial portion of the world's oil and liquefied natural gas supplies pass.
Brent crude, Nigeria's oil benchmark, climbed above $91 a barrel in early Asian trading, while West Texas Intermediate (WTI) rose to over $85 a barrel as markets reacted to the latest incident and uncertainty over the future of the US-Iran standoff.
The UK Maritime Trade Operations reported an incident involving a cargo vessel that was struck by an unidentified projectile while transiting the strait, causing damage to its engine room and resulting in a crew casualty.
Eight major oil companies - Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil - collectively earned around $87 billion in the second quarter of 2026, nearly double their combined profits from the same period in 2025.