Oil Prices Jump After Two Saudi Tankers Attacked in Strait of Hormuz

Two supertankers carrying Saudi Arabian oil were attacked by unknown projectiles late Monday while transiting the critical Strait of Hormuz, according to maritime intelligence firms, fueling a rally in crude oil prices on Tuesday over renewed geopolitical instability.

Details of the Attacks

The near-simultaneous incidents targeted two Very Large Crude Carriers (VLCCs), according to reports from shipping intelligence firms Marisks and Kpler. The attacks represent a "further escalation in the threat environment" in the key shipping lane, Marisks stated.

The targeted vessels were identified as:

• The Saudi Arabian-flagged Sidr, which was struck by unknown projectiles at approximately 1952 UTC about 16.6 nautical miles northeast of Khasab, Oman.
• The Liberian-flagged Senegal Prosperity, which was reportedly hit by three projectiles minutes later, about 17 nautical miles east of Khasab.

Ad

All crew members aboard both vessels were reported safe, Marisks added. The United Kingdom Maritime Trade Operations (UKMTO) agency also reported a tanker being struck by three projectiles in the same area. The operators of the tankers, Bahri and Sinokor, did not immediately respond to requests for comment.

Market Impact and Context

Oil prices surged on the news, with Brent crude futures climbing 4.14%. The attacks heighten concerns over the security of a waterway that, prior to recent blockades, handled approximately a fifth of global oil supplies. According to data from Kpler, each tanker had loaded 2 million barrels of Saudi crude at the Juaymah terminal last week.

The incident occurs against a backdrop of elevated tensions between the U.S. and Iran, which have sharply curtailed energy exports from the Gulf. Diplomatic efforts by Qatar and Oman to broker a deal to reopen the strait have so far been inconclusive, and the attacks follow recent threats of further military strikes against Iran by the U.S. president.