An oil tanker strike in a critical Middle East shipping lane lifts Brent crude above $90 per barrel amid rising regional tensions.
Brent crude prices climbed above $90 per barrel after a Kuwaiti-owned oil products tanker was hit by a projectile in the Strait of Hormuz. The incident occurred near Oman, a key chokepoint for global oil shipments, heightening supply disruption fears.
The Kaifan tanker, operated by Kuwait Oil Tanker Co., was struck early Tuesday, according to security consultancy EOS Risk Group. The UK Maritime Trade Operations reported the attack 8 nautical miles northeast of Limah, Oman, with no immediate claim of responsibility.
The Strait of Hormuz handles about one-fifth of global oil trade, making it a frequent flashpoint in Middle East geopolitical tensions. Prior incidents in the region have triggered sharp price spikes, though no supply disruptions have been reported yet.