Oil prices climb after attack in Strait of Hormuz halts evacuation plan | US-Israel war on Iran
Brent Crude Prices Surge Following Attack in the Strait of Hormuz
Published June 26, 2026
Oil prices soared after the United Nations maritime agency abandoned its planned evacuation of vessels stranded in the Strait of Hormuz, following an attack on a cargo ship in the vital waterway.
Brent crude, the global oil benchmark, rose nearly 4 percent on Thursday. The International Maritime Organization’s decision to halt its evacuation plan came amid increasing violence in the strait.
As of 02:00 GMT, August futures for Brent crude were trading at $74.89 per barrel, rebounding after dipping below $72.48, the closing price prior to the recent U.S.-Israel military actions in Iran. This latest price marks a 3 percent increase compared to levels seen before the outbreak of hostilities.
Asian markets opened lower on Friday, with major indices in Japan, South Korea, Hong Kong, and Taiwan reporting significant declines. The Nikkei 225 and the Kospi both fell more than 3 percent in morning trading, while the Taiex dropped approximately 1 percent. The Hang Seng Index in Hong Kong also recorded a decline of about 1 percent.
The attack on the cargo vessel has raised concerns about stability in the Strait of Hormuz, a passage that accounts for roughly one-fifth of global oil and liquefied natural gas supplies during peacetime. This incident disrupted hopes for a swift return to normal shipping operations in the region, which had recently seen increased vessel traffic. On Wednesday, 70 vessels transited the waterway, more than double the previous day’s traffic and the highest daily volume since March 1, according to MarineTraffic and Kpler data.
The UK Maritime Trade Operations center reported that the cargo vessel was struck by an “unknown projectile” on its starboard side while attempting to navigate near the Omani coast. Multiple news agencies, including The New York Times and CBS News, cited unnamed U.S. officials indicating that Iran was responsible for the attack.
Iran’s Persian Gulf Strait Authority, which claims regulatory oversight of shipping in the strait, warned that any vessels using routes outside its designated “framework” would not be assured safe passage. The authority stated that “the consequences arising from passage through unauthorized routes shall be the responsibility of the owner, operator, and vessel commander.”
June Goh, a senior oil market analyst at Sparta in Singapore, underscored the potential repercussions of the attack, noting the precarious state of peace in the strait amid the fragile U.S.-Iran ceasefire. “There is a pressing need for tankers to enter and offload high crude stocks from onshore tanks for normal production to resume,” Goh said. “Thus, security of the passageway is paramount to recover the lost supply.”
