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WTI holds near $80.20 as US-Iran tensions raise shipping supply risks
Oil rose as the US carried out fresh strikes and reinstated a blockade, while other commercial traffic faced a 20% safe-passage reimbursement fee.
WTI crude held gains near $80.20 per barrel during Tuesday’s European hours as escalating US-Iran tensions fueled fresh concerns about crude shipping supply, FXStreet reported.
The outlet cited new precision strikes by the US Central Command against Iranian military targets, while Iran’s Islamic Revolutionary Guard Corps claimed it disabled two vessels in the Strait of Hormuz by using mined routes after the ships allegedly ignored maritime warnings.
Iran also warned that any cooperation with the US would prolong a closure of the strategic waterway and could trigger a global energy crisis, FXStreet said. The UAE Ministry of Defence confirmed two UAE oil tankers, the Mombasa and Al Bahiyah, were hit by Iranian cruise missiles, with Reuters and local military reports placing the strike in the southern shipping lane of the Strait of Hormuz.
FXStreet added that President Donald Trump reinstated a maritime blockade restricting Iranian shipping and its commercial partners from transiting the Strait of Hormuz, and that other commercial traffic would be charged a 20% safe-passage reimbursement fee to help cover US costs of securing the corridor.
Latest closeWTI crude $78.04 ▲9.3%