Iran Hits 2 Adnoc Supertankers, Pushing Brent Above $87 as Hormuz Shuts Again
Updated
Updated · Financial Times · Jul 15
Iran Hits 2 Adnoc Supertankers, Pushing Brent Above $87 as Hormuz Shuts Again
3 articles · Updated · Financial Times · Jul 15
Summary
Brent crude climbed above $87 a barrel after Iran targeted two Adnoc supertankers in the Strait of Hormuz, killing one seafarer and largely closing the waterway again.
About one-fifth of global oil normally moves through Hormuz, but traders say the market has exhausted the buffers that softened the earlier four-month disruption.
The IEA said member countries have already released nearly three-quarters of a planned 400 million-barrel emergency stock draw, leaving only weeks before that extra supply runs out.
Refined fuels look even tighter: European wholesale diesel futures have jumped 14% this week, while Russian refinery disruptions and slower inventory rebuilding threaten summer and winter supplies.
Saudi Arabia has rerouted roughly 5 million barrels a day through Red Sea ports versus about 7 million through Hormuz before the war, but Iraq and Kuwait remain largely cut off and fresh Houthi attacks could endanger that fallback route.
With Hormuz traffic halved and oil prices soaring, is the global economy on the brink of a new energy crisis?
As the US imposes a 20% toll, is the era of free passage through the world's vital waterways officially over?
Strait of Hormuz Crisis 2026: Escalation, Global Energy Shock, and the Battle for Maritime Security
Overview
The report highlights a rapidly escalating crisis in the Strait of Hormuz, where a tanker was struck by an unidentified projectile, damaging its engine room and intensifying the ongoing struggle for control over this vital shipping lane. This incident, combined with recent Iranian military actions and persistent friction between the U.S. and Iran, has led to a sharp rise in oil prices and increased the risk of broader military conflict in the Gulf region. Explosions near key Iranian coastal areas further contribute to regional instability, underscoring the fragile state of diplomacy and the significant threat to global economic and security interests.