Brent Climbs Above $90 After Tanker Struck in Strait of Hormuz

The United Kingdom Maritime Trade Operations confirmed the attack early Tuesday, noting that the vessel's crew escaped into a lifeboat with no immediate environmental impact reported. This strike follows a series of interventions by Iran’s Islamic Revolutionary Guard Corps, which recently claimed to have intercepted four ships in the area. Tanker traffic has now collapsed to a two-month low as operators increasingly avoid the southern lane near Oman due to persistent threats.

Adding to the market volatility, Yemen’s Iran-aligned Houthi forces declared a naval blockade on Saudi Arabia on Monday. This move threatens Riyadh's alternative export routes, effectively extending the sphere of conflict to the southern entrance of the Red Sea. With peak summer demand straining global supplies, the convergence of these maritime disruptions has reignited fears of a sustained energy shortage.