Oil jumps as tanker attacks reignite the Strait of Hormuz crisis

Fresh strikes on two tankers and a revoked Iranian export license sent crude sharply higher, testing a fragile US–Iran truce.

Two vessels, the Qatari LNG carrier Al Rekayat and the Saudi-flagged supertanker Wedyan, were struck by projectiles in the Strait of Hormuz on Tuesday, one suffering an engine-room fire. Brent settled 3% higher at $74.16 and WTI rose 2.8% to $70.44, then extended gains after Washington revoked Iran's authorization to sell oil, pushing Brent up 5.6% in after-hours trade. The waterway carries roughly a fifth of the world's oil, and the attacks underscore how brittle the interim peace remains as the two sides negotiate a permanent settlement.