U.S. Oil Hits $90 as Strikes Around Strait of Hormuz Raise Supply Risk
Benchmark U.S. crude has climbed to $90 a barrel after fresh American strikes on Iranian targets near the Strait of Hormuz and reports of Iranian attacks on tankers, highlighting how quickly tension around the vital chokepoint feeds into global energy prices.
Oil traders are marking up prices as military action near the Strait of Hormuz revives worries about flows from one of the world’s most sensitive energy routes.
U.S. crude oil hit $90 per barrel following the latest U.S. strikes on Iranian targets near the Strait of Hormuz. The move comes alongside reports of attacks on commercial shipping in the same region and signals that markets are assigning a higher risk of disruption to oil exports from the Gulf.
U.S. Central Command has confirmed that American forces began striking Islamic Revolutionary Guard Corps (IRGC) targets in Iran, citing recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against U.S. troops in the area. Other reporting mentions initial U.S. airstrikes hitting locations such as Qeshm Island, Bandar Abbas, Chabahar and Konarak in southern Iran, and Shiite‑aligned channels have described Tomahawk cruise‑missile strikes on ports including Jask, Sirik and Minab.
At the same time, maritime and regional sources have reported Iranian activity against tankers and naval forces. According to those accounts, which vary in detail, UKMTO recorded an incident near Jasab, Oman; satellite imagery showed Saudi and Liberian tankers attacked by Iran in the Strait of Hormuz; and there were claims of Iranian anti‑ship missiles launched at U.S. warships in the Gulf of Oman and other projectiles aimed toward the Strait. Not all of these reports have been independently confirmed, but together they underscore a contested seascape.
Washington is signalling that additional steps are available if Iran continues to threaten commercial shipping. U.S. reporting notes that major military options remain on the table, with Kharg Island, Iran’s main oil export terminal, highlighted as a possible target in future if Tehran persists in endangering vessels. Iran says it retains most of its missile arsenal and has warned of broader retaliation against American bases and interests in the region.
For tanker operators and crews transiting Hormuz, the immediate concern is operational safety. A corridor that routinely carries large volumes of crude and products is also seeing explosions and missile launches. Owners and charterers must balance the cost of rerouting against the chance of damage, detention or higher war‑risk premiums. Any perception that mines, missiles or drones are being used near shipping lanes can raise insurance costs even before a vessel is hit.
On the demand side, fuel‑importing economies face the prospect that a relatively small change in perceived risk could sustain higher prices. Governments in Europe, Asia and other regions that rely heavily on seaborne oil from or through the Gulf must factor $90 crude into inflation, subsidy and budget calculations, and some may have to adjust purchasing or draw down stockpiles if shipping is disrupted.
The broader context includes nuclear and sanctions tensions that further cloud the outlook. The International Atomic Energy Agency reports that Iran has not granted access to its nuclear facilities for three months, prompting proliferation concerns. At the same time, U.S. officials are pursuing new banking sanctions designed to pressure Tehran, while Iranian leaders voice confidence about confronting the United States.
Oil markets will track several concrete indicators to judge whether the latest spike is temporary or the start of a longer‑lasting risk premium. These include confirmed Iranian strikes on tankers or U.S. naval assets, any U.S. move against export infrastructure such as Kharg Island, changes in tanker routing patterns, and updates to war‑risk insurance for voyages through the Strait of Hormuz.
Sources
- OSINT