Iran's Strait of Hormuz Attack Sends Oil Prices Soaring

Oil prices surged on Friday after Iran claimed to have attacked two oil tankers in the Strait of Hormuz, a critical energy shipping lane. The Islamic Revolutionary Guard Corps (IRGC) reportedly targeted the vessels as they attempted to transit under US military escort.

US crude futures rose 2.2% to $85.41 a barrel, while international benchmark Brent crude gained 1.5% to $90.36 a barrel, according to CNBC. Chevron Chief Executive Mike Wirth warned that risks to regional oil supplies now extend beyond the Strait of Hormuz, stating 'the situation is tense, and I fear it will remain that way.'

Iran's state-run Press TV reported that four additional tankers turned back following the reported attacks, but US and British maritime security organizations had not confirmed the incidents. ExxonMobil Chief Executive Darren Woods emphasized the importance of keeping the Strait of Hormuz open, citing its role as 'the principal artery of global supply'.

The Commonwealth Bank of Australia estimated that tanker traffic through the waterway has recovered to roughly 30-35% of pre-war levels and predicted a recovery to around 50-60% could restore expectations of a global oil supply surplus. The US Trade Representative's Office reported that the United States imported only $1.4 million worth of goods from Iran in 2025, with artwork, antiques, and collectors' items accounting for about 55% of those imports.