Iran Targets 2 Supertankers, Shutting Hormuz Again as Brent Jumps 13%
Updated
Updated · Financial Times · Jul 15
Iran Targets 2 Supertankers, Shutting Hormuz Again as Brent Jumps 13%
3 articles · Updated · Financial Times · Jul 15
Summary
Brent crude climbed above $87 on Tuesday and traded near $85.50 on Wednesday after Iran targeted two supertankers in the Strait of Hormuz, killing at least one seafarer and largely shutting the waterway again.
About one-fifth of global oil supply normally moves through Hormuz, but traders say the market now lacks the buffers that softened the earlier closure after the U.S.-Iran ceasefire collapsed.
The IEA said member countries have already released nearly three-quarters of a planned 400 million-barrel emergency stock draw, leaving only weeks before those supplies run dry if disruption persists.
Saudi Arabia has lifted Red Sea exports to about 5 million barrels a day, but Iraq and Kuwait remain almost completely cut off, limiting alternatives for Gulf crude flows.
Diesel futures in Europe have risen 14% this week, and a renewed Houthi threat in the Red Sea could also endanger Yanbu—Saudi Arabia's only major oil route outside Hormuz.
With Iran imposing passage fees, will the world's most critical oil chokepoint ever return to normal?
With a US blockade in place and diplomacy failing, what is the next move in this high-stakes Gulf showdown?
As military strikes cause billions in damage, who will pay the price for the escalating US-Iran conflict?
Strait of Hormuz Crisis 2026: Global Oil Supply Disrupted, Shipping Halted, and Energy Security Redefined
Overview
In July 2026, tensions in the Strait of Hormuz escalated sharply after the United States struck Chabahar, Iran’s key commercial port. This marked a major shift in US strategy, aiming to disrupt Iran’s maritime operations and logistics. The attack immediately raised the risk of retaliation and further destabilized the region, causing severe uncertainty for global shipping and energy markets. As military actions targeted vital infrastructure, commercial shipping faced extreme threats, leading to significant disruptions in oil supply and global trade. The crisis highlights how quickly regional conflict can impact worldwide economic stability and energy security.