Global oil prices surge amid Strait of Hormuz tanker attacks

Global oil prices have risen sharply due to escalating conflicts and maritime security concerns. Brent crude closed at 88.52 USD per barrel, while WTI rose to 82.40 USD per barrel, marking nearly 8% and 7% increases respectively over the past five days.

Market volatility is driven by ongoing attacks on tankers in the Strait of Hormuz, including an incident on August 13 involving two vessels from the Abu Dhabi National Oil Company (ADNOC). The UAE government has condemned these attacks, attributing them to Iran. Analysts warn that continued restrictions on shipping through the Strait of Hormuz could lead to severe market consequences.

While crude oil prices remain around 80 USD per barrel, experts warn that consumer-facing fuels could see much higher spikes. Specifically, diesel could reach 180 USD per barrel and gasoline 130 USD per barrel if conflicts persist. These disruptions contributed to 11 major oil corporations reporting a combined profit of 121 billion USD for the second quarter of 2026.