Brent crude has returned to the $100-a-barrel mark less than a day after falling to as low as $96, as reports of attacks on three oil tankers in the Strait of Hormuz renewed concerns over the security of crude and petroleum product shipments through the strategic waterway.
The rise in oil prices followed reports that three Liberia-flagged tankers were struck by unknown projectiles while transiting the Strait of Hormuz on Tuesday and Wednesday, according to shipping intelligence firm Marisks.
The vessels were reportedly sailing with their transponders switched off when they came under attack, adding to concerns over the operational risks facing vessels using the key energy route.
The United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored maritime security organisation, had earlier reported receiving three separate delayed third-party reports of attacks involving tankers in the Strait.
In one incident, a vessel was struck by a suspected unknown projectile on Monday evening, causing a fire. The fire was later extinguished, while the vessel continued its journey and all crew members were reported safe.
A separate UKMTO report involved an inbound tanker that was struck by an unknown projectile while transiting the Strait. A third report also concerned a tanker that was hit by an unidentified projectile within the waterway.
Shipping intelligence firms identified the vessels involved as the oil products tanker Al Ruwais, the very large crude carrier (VLCC) Mersin Prosperity and the Aframax-sized tanker Sinbad.
Al Ruwais and Mersin Prosperity are both managed by ADNOC Logistics & Services of the United Arab Emirates, while Sinbad is managed by Anglo-Eastern Tanker Management.
Sinbad had loaded refined petroleum products at Saudi Arabia’s Jubail industrial port in the Persian Gulf in early September, according to Kpler data reviewed by Reuters.
The latest incidents have emerged as oil-market analysts and investment banks report that oil flows through the Strait of Hormuz have recovered to nearly, or in some assessments, fully to pre-war levels.
However, the reported recovery in shipments has not eliminated the security risks facing vessels using the chokepoint.
The fresh attacks have therefore added renewed uncertainty to the oil market, with the Strait remaining a critical route for global energy supplies despite the increase in oil movements through the waterway.
The developments have contributed to Brent’s return to the $100 mark after the benchmark had fallen to around $96 in less than a day, highlighting the continued sensitivity of oil prices to security incidents around the Strait of Hormuz.