Oil Prices Surge Above $90 After Kuwaiti Tanker Hit in Strait of Hormuz
A Kuwait-owned oil products tanker, the Kaifan, was struck by an unknown projectile in the Strait of Hormuz near Oman, escalating regional tensions and pushing Brent crude oil prices back above $90 per barrel. The United Kingdom Maritime Trade Operations (UKMTO) reported the incident 8 nautical miles northeast of Limah, Oman, stating the crew abandoned the vessel and are in a lifeboat. No environmental impact has been reported. The attack follows a series of Iranian actions against vessels in the strait, including the interception of four ships last week. Tanker traffic through the Strait of Hormuz has collapsed to a two-month low, raising fears of supply shortages during peak summer oil demand. Additionally, Yemen's Iran-aligned Houthis declared an immediate naval blockade on Saudi Arabia, threatening alternative export routes via the Red Sea.
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