Oil prices rise after vessel targeted near Strait of Hormuz

Oil prices rise after vessel targeted near Strait of Hormuz Oil prices rose about 2 percent on 26 June after a cargo ship was struck by an unidentified projectile near Oman, renewing concerns about the security of shipping through the Strait of Hormuz and the pace of recovery in regional oil exports.

Brent crude settled up $1.52, or 2.1 percent, at $75.26 a barrel, while US West Texas Intermediate gained $1.58, or 2.3 percent, to $71.92.

The gains followed a sharp decline a day earlier, when both benchmarks fell to their lowest levels since 27 February, before the conflict began, as oil shipments through the Strait of Hormuz climbed to their highest level since the start of the war.

Before the conflict, about one-fifth of global oil supplies passed through the strategic waterway.