Oil Stays Volatile After Tanker Is Struck Near the Strait of Hormuz

Crude prices moved sharply in both directions on Friday as security incidents coincided with signs of recovering traffic through the Strait of Hormuz, the channel through which a large share of seaborne oil passes. Brent crude for August delivery traded near 73.85 dollars a barrel in the morning after topping 76 dollars on Thursday, then fell more than 2 percent, after the International Maritime Organization paused a planned evacuation of ships in the area when a cargo vessel reported being struck by an unidentified projectile near the Omani coast.

Indonesia's state energy company, Pertamina, said it was monitoring one of its tankers, the Pertamina Pride, among the vessels affected by congestion in the strait. The episode underscored how individual security incidents continue to move prices even as the broader trend points toward de-escalation.

Iran's foreign ministry, in remarks reported by Russian media, addressed the question of control over the strait, reiterating Tehran's position on the waterway amid the fragile settlement with Washington. Despite the disruption, oil flows from the Persian Gulf had increased substantially, suggesting that traffic is normalizing even as the risk of renewed incidents remains.