Iran Attacked a Cargo Ship in the Strait of Hormuz — WSJ. Oil Prices Rise

Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship in the Strait of Hormuz on Thursday, June 25, The Wall Street Journal reported, citing two senior U.S. officials.

The attack damaged the bridge—the part of the ship where the control, observation, and communications stations are located—but no one was injured, the newspaper reports, citing the UK Maritime Trade Operations (UKMTO). The attack took place off the coast of Oman a few hours after the Iranian navy ordered ships not to use routes through the strait that were not authorized by Tehran, the WSJ reports.

Against this backdrop, Brent crude oil shifted from a decline to a rise: at the time of this writing, prices were up 1.8% and had reached $75.1 per barrel. Earlier in the day, the price had hit a low of just $72.06 per barrel. U.S. WTI crude also rose, gaining 2% to $71.73.

The International Maritime Organization (IMO, a specialized agency of the United Nations) has suspended the evacuation of ships from the Strait of Hormuz following the attack. A statement from the organization said that the attack took place in the Gulf of Oman—against a vessel that had already passed through the Strait of Hormuz. The affected vessel was not part of the evacuation program, the IMO added.

An attack on a ship would be a test of the resilience of the U.S.-Iran deal, which the parties signed in mid-June and which calls for keeping the Strait of Hormuz open to shipping, the WSJ notes. The White House did not respond to the publication’s request for comment. Over the weekend, Iran closed the strait to traffic, demanding an end to Israeli attacks on Lebanon.

Before the war, approximately one-fifth of the world’s oil and gas shipments passed through this vital trade route. This week, traffic through the strait reached its highest level since the start of the conflict: about 70–80 ships passed through it, the WSJ reports, citing conflicting data from tracking services. The sharp increase in shipments has even led to a slight surplus of oil on the market, analysts said.

This article was AI-translated and verified by a human editor