Two oil tankers exploded in the Strait of Hormuz after reportedly being misled by U.S. intelligence into a mined corridor. Flames engulfed the vessels, prompting Iran's Islamic Revolutionary Guard Corps Navy to seal the critical waterway.
The Strait of Hormuz carries roughly 20% of the world's oil. Its closure, described as a direct response to U.S. actions, immediately impacted global markets. Brent crude oil prices surged to $87.59 per barrel.
Market activity around WTI crude oil contracts has intensified. Some trading scenarios now project significant price increases, with targets for July 2026 gaining attention as traders price in the risk of prolonged supply disruptions.
The shutdown marks an escalation from previous temporary closures. Observers are monitoring diplomatic and military responses from the U.S. and Iran, as well as statements from OPEC+ regarding global oil inventories.