More than 60 commercial ships have been attacked in the Persian Gulf, Strait of Hormuz, and Gulf of Oman since 1 March 2026, according to reporting by CNBC. Fighting has escalated across multiple maritime chokepoints simultaneously, including the Red Sea and Black Sea, directly threatening oil shipment routes and creating supply chain disruption across the global energy system. Iran's Revolutionary Guard claimed control of the Strait of Hormuz and warned commercial vessels of "serious and irreparable consequences" if they sought alternative routes, while unconfirmed reports cited explosions in Kuwait.
Crude oil prices surged sharply in response to the escalating disruptions. Brent crude rose to $100.30 per barrel and WTI climbed to $91.70 per barrel, each gaining over $10 per barrel since Monday. September WTI futures settled at $92.31, recording a weekly gain of $10.54, or 12.89%. Only one oil tanker crossed the Strait of Hormuz on Thursday, the lowest daily count since 7 May, as war risk premiums spiked.
Brent crude and WTI are the global benchmark contracts for seaborne crude oil; both are directly affected because the Strait of Hormuz handles a substantial share of global crude exports and is currently subject to active interdiction. RBOB gasoline and ULSD diesel futures are connected through the upstream crude disruption, with U.S. pump prices for gasoline and diesel reported to be rising as a result.
U.S. President Donald Trump threatened military strikes on Iranian critical infrastructure in response to vessel attacks in the Strait of Hormuz, extending oil price gains. Stock markets declined on Thursday as crude crossed $100 per barrel, with previously resilient equities responding to elevated energy costs. European natural gas prices rose to four-month highs amid LNG supply disruption, as approximately 90% of Asia's LNG originates from Middle East producers including Qatar and the UAE.
Sources: Cnbc TOP, Oilprice, investinglive.com, Guardian Business, Bloomberg Markets, news.google.com, Marketwatch TOP