A tanker traveling south reported being hit by a projectile on the port side about 8 nautical miles east of Limah, Oman, causing a fire, UK Maritime Trade Operations said. No casualties were reported.
The strait — which links Persian Gulf producers to global markets — has partially reopened following its near-total closure triggered by the US-Iran war, with a convoy of at least eight Japan-linked ships among recent transits. Still, while traffic is recovering, movements remain below pre-conflict levels.
Oil sank 30% in the second quarter as Washington and Tehran agreed to an interim peace deal, easing concerns over supply disruptions from the Middle East. Global benchmark Brent has fully erased the war premium that had built up in recent months, with some leading banks including Goldman Sachs Group Inc. and Morgan Stanley now warning there’s a risk a glut will return.On Monday, Saudi Aramco said it will lower Arab Light oil to Asia for next month by $11 a barrel to $1.50 below a regional benchmark. The last two times it sold the grade at a discount were during price wars in 2020 and 2015.
The move by Riyadh follows a decision at the weekend by OPEC+ members including Saudi Arabia to raise output quotas for next month, adding to the prospect of more supply. While those extra barrels remain theoretical, the decision signals a desire to raise production as conditions normalize.
Further insight into market conditions will come later Tuesday when the US Energy Information Administration issues its Short-Term Energy Outlook. Last month, the agency raised its 2027 forecast for US crude production by 220,000 barrels a day to 13.83 million after prices had rallied amid the war.
With inputs from Bloomberg
