Oil prices rise to $74 after tanker attacks near Strait of Hormuz
via Punch Nigeria2 min read
Global oil prices increased by over two percent following attacks on commercial vessels near the Strait of Hormuz, raising concerns about supply disruptions. Brent crude futures reached $74 per barrel, and West Texas Intermediate crude rose to $70.28 per barrel. Reports indicated that a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker were damaged, with Qatar attributing the attacks to Iran's Revolutionary Guards. This incident has reignited fears over the security of the Strait of Hormuz, a crucial route for approximately one-fifth of global oil and LNG supplies. Andy Lipow, President of Lipow Oil Associates, noted that operators would need to reassess the risks of navigating the strait. The attacks coincide with fragile diplomatic efforts between Washington and Tehran. Despite the price rally, some analysts, like Société Générale, anticipate a shift from a supply deficit to a surplus in late 2026 and throughout 2027, projecting lower oil prices for those periods but warning of continued volatility. Saudi Arabia is reportedly considering expanding its crude oil pipeline to the Red Sea coast to bypass the Strait of Hormuz if security issues persist. Additionally, Ukraine's military reported drone strikes on Russian tankers, further contributing to global energy market uncertainty.
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