Brent crude topped $85 a barrel after Iranian missiles hit two tankers in the Strait of Hormuz and the US resumed strikes against Iran. One crew member was killed.
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Brent crude rose above $85 a barrel for the first time in a month after the United States resumed military strikes against Iran and reimposed a blockade on Iranian shipping in the Strait of Hormuz. The move came as Iranian cruise missiles struck two Emirati oil tankers in the strait, killing one Indian crew member and injuring eight others, the UAE's defence ministry said Tuesday.
The tankers, the Mombasa and Al Bahiyah, were hit in the southern lane of the strait while in Omani territorial waters, the ministry said. Fires broke out on both vessels but were brought under control. Six of the injured crew were Indian nationals; two were Ukrainian. Four of the eight wounded were seriously injured.
President Donald Trump notified Congress that the strikes that began July 7 represent "military action consistent with my responsibility to protect Americans and the United States' interests both at home and abroad." The notification gives the administration 60 days to use the military in the region without congressional approval.
US Central Command said the strikes resumed at Trump's direction. On the Hugh Hewitt Show, Trump said Iran would be hit "very hard tonight, and we're going to hit them hard tomorrow. And there's not a damn thing they can do about it." He later told reporters at the White House that the U.S. was attacking Iranian capabilities in the strait.
Trump also announced Washington was reinstating a blockade of Iranian shipping in the Gulf and would ensure the waterway stayed open for a fee, Reuters reported. Brazilian President Luiz Inacio Lula da Silva said the plan to charge ships transiting the strait would turn the United States into a "pirate" state.
Iran-backed Houthis in Yemen launched missile and drone attacks targeting Saudi Arabia's Abha airport on Monday, the rebel group said. The attacks were in response to airstrikes the Houthis blamed on Saudi Arabia that struck Sanaa International Airport earlier in the day. No casualties were reported.
For energy markets, the Strait of Hormuz is an arterial waterway for world oil supplies. The on-again, off-again conflict with Iran has proven difficult for Trump to resolve as the two sides battle over control of the strait. Republicans have worried about being blamed for higher gas prices ahead of the midterm elections.
SO stock page carries an Alpha Score of 47/100, rated Mixed, reflecting the sector-wide uncertainty as oil prices react to the escalating military conflict in the Gulf.
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