Crude Oil Surges Amid Renewed Concerns Of Middle East Conflict

Crude Oil Surges Amid Renewed Concerns Of Middle East Conflict reports a jump in oil prices after renewed fears of an exchange of attacks between the U.S. and Iran. The article links the move to incidents involving projectile attacks on at least three tankers crossing the Strait of Hormuz, with the UK Maritime Trade Operations center reporting three hits. WTI for August was last up $2.01, or 2.93%, at $70.56 per barrel. It describes an LNG-loaded Qatari tanker, Al Rekayyat, struck on its port side and catching fire but with no reported casualties or environmental impact. Iran’s state media attributed an attack to the vessel ignoring warnings, while U.S. officials cited by Axios said at least two missiles were fired at commercial ships. Additional incidents included a drone strike off Oman and another tanker hit near the Omani-Emirati border, both with only minor damage. UKMTO urged caution and immediate reporting. The article also notes that a June 17 U.S.-Iran Memorandum of Understanding paused mutual attacks for 60 days, after which shipping resumed, easing earlier supply concerns, though the premium has since diminished.