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Brent climbs above $86 as Iran strikes UAE tankers in Hormuz

Brent rose more than 3% early Tuesday, while WTI pushed above $80 for the first time in a month after the UAE said Iranian cruise missiles targeted two tankers in Omani waters.

Reported · Written up by our desk · Energy

Brent crude surged more than 3% early Tuesday, breaking above $86 per barrel after an Iranian attack on two UAE tankers in the southern lane of the Strait of Hormuz, according to OilPrice.

OilPrice reports that at 9:00 a.m. London time, Brent was up to about $86.06, and the U.S. benchmark, WTI, was rising about 3.1% to top $80 per barrel for the first time in a month. Front-month WTI crude futures were around $80.58, up roughly 3.12% on the day.

OilPrice said the latest flare-up reignited the crude rally, with prices up about 12% between Friday and early Tuesday. It added that the market focused on the risk to safe passage through the chokepoint, including routes near Oman.

OilPrice also noted the UAE Ministry of Defense statement that the tankers, Mombasa and Al Bahiyah, were targeted by two Iranian cruise missiles while transiting in Omani territorial waters, and that the UAE said it reserves its right to respond. ADNOC Logistics and Services confirmed the attacks occurred in the early hours of Tuesday, July 14.

Latest closeWTI crude $78.04 ▲9.3%|Brent $83.15 ▲9.4%

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