Oil prices rose in global markets on Thursday after a tanker incident near Saudi Arabia and new threats between the United States and Iran increased concerns about shipping in the Strait of Hormuz.
The United Kingdom Maritime Trade Operations, known as UKMTO, said it had received a report about an oil tanker struck by an unidentified object. The incident occurred about 70 nautical miles southwest of Al-Shuqaiq, Saudi Arabia.
The strike caused a fire on board the vessel. Emergency teams began efforts to control the flames. Authorities did not immediately release information about casualties.
Following the incident, North Sea Brent crude rose 2% to $95.99 per barrel. US West Texas Intermediate gained 1.7% and reached $88.27 per barrel.
Oil prices reacted to strong warnings from US President Donald Trump. He said Washington would target an Iranian bridge or power station after any Iranian attack on ships in the Strait of Hormuz. Trump referred to attacks involving missiles, rockets, drones or other weapons.
His comments signalled a further rise in tensions after a ceasefire between Washington and Tehran collapsed.
Iran responded by warning that it would strike US-linked infrastructure and energy facilities across the region if Washington attacked Iranian infrastructure. An unnamed Iranian military source told Tasnim that Tehran would target regional bridges and energy sites connected to American interests.
US Secretary of State Marco Rubio said Iran did not appear serious about reaching an agreement with Washington. However, he added that the United States remained committed to diplomacy in the Middle East.
HSBC said the oil price increase reflected renewed fears about the Strait of Hormuz. The bank warned that future market conditions would depend on whether diplomatic efforts could restore stability and protect commercial shipping through the key energy route. Investors continue to monitor security developments and tanker movements.
