Oil Rebounds Nearly 2% as Tanker Incident Renews Strait of Hormuz Concerns

EcoPulse24

Oil prices rebounded nearly 2% on Thursday, with Brent crude rising to around $71.60 per barrel, as a maritime security incident near the Strait of Hormuz renewed concerns over the safety of one of the world's most critical oil shipping routes.

According to the UK Maritime Trade Operations (UKMTO), a cargo vessel off the coast of Oman was struck by an unidentified projectile, prompting renewed caution among commercial shipping operators. Reports indicated that several vessels temporarily altered course, raising concerns over the normalization of energy flows through the region.

The incident comes as Iran continues negotiations aimed at reaching a permanent settlement following its conflict with the United States, with market participants closely monitoring developments around maritime security and regional energy exports.

Despite the disruption, Saudi Arabian oil tankers continued sailing toward the Ras Tanura export terminal, marking the resumption of Persian Gulf export operations for the first time since March. Meanwhile, Qatar issued its first post-war crude oil tender, signaling a gradual normalization of regional energy trade.

Beyond geopolitical developments, investors remain focused on the prospect of a global oil supply surplus in 2026, while Iraq has called for a higher OPEC production quota. In the United States, inventories at the Cushing, Oklahoma storage hub fell to approximately 19 million barrels, remaining below operational levels and providing additional support to crude prices.

EcoPulse24 Analysis

Thursday's rebound reflects how quickly geopolitical developments around the Strait of Hormuz continue to influence oil markets. While regional exports are gradually resuming, the latest shipping incident highlights that maritime security remains a key risk premium for crude prices. At the same time, concerns over a potential global supply surplus in 2026 continue to limit gains, leaving the market balanced between short-term geopolitical risks and longer-term supply expectations.