Oil Price Surges Above $92 After 2 Tankers Hit in Strait of Hormuz as Nasdaq Futures Slide 1%

• Oil price surged above $92 after two oil tankers carrying Saudi crude were struck by unknown projectiles in the Strait of Hormuz
• Shipping through Hormuz has slowed sharply, with just five vessels crossing Monday and no liquid tankers, adding to concerns over Gulf oil supplies
• Nasdaq futures fell about 1% as higher energy prices and renewed US-Iran tensions raised concerns about inflation and the broader market outlook

Oil prices moved sharply higher Tuesday as a fresh security scare in the Strait of Hormuz added another layer of uncertainty to an already tense energy market. Brent crude climbed above $92 a barrel, while Nasdaq futures fell about 1% before the US session. The immediate trigger was a pair of attacks on oil tankers carrying Saudi crude.

Also Read: US Stocks Have Beaten Inflation by 14.76% as Trade Deficit Hits $118.8 Billion

Two Tankers Hit Within Minutes

The vessels, Sidr and Senegal Prosperity, were carrying 2 million barrels of Saudi crude each. They were struck by unknown projectiles while sailing out of the Strait of Hormuz, according to recent data. The attacks happened just minutes apart near Khasab, Oman.

The United Kingdom Maritime Trade Operations agency also reported three projectiles hitting a tanker in the same area. All crew members aboard both vessels were reported safe.

The bigger concern for traders is the lack of normal shipping activity through the waterway. Kpler data showed just five vessels crossed the Strait of Hormuz on Monday. This is well below the 10-day average of about 14, with no liquid tankers among them. This suggests the latest attacks are adding to an already significant slowdown in Gulf energy traffic.

Also Read: Bitcoin’s Best August Since 2017 Meets a Fresh Push for the CLARITY Act

Oil Price Climbs as Markets Weigh Supply Risks

Brent crude rose more than 2% to around $92.38 a barrel. Meanwhile, US West Texas Intermediate climbed about 2.5% to $87.95, according to recent data.

The move also spilled into equities. Nasdaq futures fell around 1% as investors weighed the possibility that higher energy costs could keep inflation elevated and complicate the Federal Reserve’s rate outlook.

The attacks are unfolding alongside renewed US-Iran tensions and fresh threats from President Donald Trump. Reuters reported that vessel traffic through Hormuz remained unusually thin, with just five ships recorded crossing Monday and no liquid tankers among them.

Currently, traders are watching if the latest attacks remain isolated or begin to disrupt the flow of crude through the waterway. With Brent already back above $92 and Nasdaq futures under pressure, another escalation could quickly put energy prices back at the center of the inflation debate.

Also Read: Panama Canal Congestion Deepens as El Niño Drought Sparks Energy Market Disruptions