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Oil rebounds above $90 after projectile hit in Strait of Hormuz

Brent rose back above $90 per barrel after a Kuwait-owned tanker was hit near Oman, with crew abandoning the vessel but no environmental impact reported.

Reported · Written up by our desk · Energy

Oil prices climbed as Brent returned above $90 per barrel following an incident in the Strait of Hormuz. OilPrice said a Kuwait-owned oil products tanker, the Kaifan and owned by Kuwait Oil Tanker Co. S.A.K., was struck by a projectile near Oman as tensions escalated around the key shipping lane.

According to reporting cited by OilPrice, the United Kingdom Maritime Trade Operations, UKMTO, said it received a report of an incident about 8 nautical miles northeast of Limah, Oman. UKMTO added that multiple reports came in that a tanker was broadcasting it had been struck, and the tanker’s chief officer reported the crew had abandoned the vessel and were in lifeboats, with no environmental impact reported.

The incident arrives as traffic through the Strait of Hormuz has been largely halted. OilPrice reported tanker operators largely stopped attempts to transit since hostilities returned more than a week ago, amid multiple Iranian attacks on vessels transiting the southern lane close to Oman.

Latest closeBrent $84.94 ▼0.0%

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