25.06.202616:05:50UTC+00Oil Rebounds as Tanker Incident Sparks Fears

Crude oil climbed nearly 2% to $71.60 a barrel on Thursday as traders tracked shipments through the Strait of Hormuz after a cargo vessel was hit by an unidentified projectile off the coast of Oman. The incident, reported by the maritime security group UKMTO, reignited concerns about the safety of this critical shipping lane and heightened fears that Iran could leverage its control over transit routes while negotiating a permanent end to its war with the United States.

Several commercial vessels reversed course, casting doubt on a smooth normalization of regional oil flows. Even so, Saudi Arabian tankers continued toward the key Ras Tanura terminal, moving to restart Persian Gulf exports for the first time since March, while Qatar launched its first crude tender since the end of the conflict.

At the same time, market focus remains on the prospect of a global supply surplus emerging in 2026, prompting Iraq to push for a higher OPEC production quota. In the United States, market tightness persisted as crude inventories at the Cushing storage hub dropped to 19 million barrels, falling below levels considered necessary for normal operations.