Oil prices climbed after a tanker was attacked near the Strait of Hormuz, raising new concerns about global energy supplies.
MADRID — Oil prices climbed sharply Tuesday after a tanker was attacked near the Strait of Hormuz, renewing concerns over energy supply security in one of the world’s most critical shipping routes.
Brent crude, the international benchmark, rose 3% to $74.15 per barrel during afternoon trading in London after reaching an intraday high of $74.33. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) gained 2.82% to $70.48 per barrel.
The increase followed an alert from the United Kingdom Maritime Trade Operations (UKMTO), which reported an attack on an oil tanker in the Gulf of Oman near the Strait of Hormuz.
The incident has renewed market concerns about the security of maritime traffic through the strategic waterway, despite ongoing peace negotiations between the United States and Iran.
Earlier in the day, oil prices had already been trending higher after OPEC+, led by Saudi Arabia and Russia, confirmed plans to increase oil production in August for the fifth consecutive month.
The alliance will raise output by 188,000 barrels per day, reversing part of the voluntary production cuts announced in 2023. While the additional supply has raised concerns about a potential market surplus in the coming months, Tuesday’s security incident shifted investor attention back toward geopolitical risks and possible disruptions to global energy supplies.
