US Oil Update: Futures Rise as Vessel Attacks in Hormuz Stoke Supply Risks

Crude oil futures advanced on Tuesday after two tankers were struck by projectiles while transiting the Strait of Hormuz, stoking fears of disruptions to shipping through the strategic waterway. Front-month West Texas Intermediate crude futures gained 3% to $70.61 per barrel, while Brent futures climbed 3.2% to $74.26/bbl. Saxo Bank strategists said oil prices rose after a Qatari LNG ship was struck by a projectile near the Omani coast as it exited the Strait of Hormuz, raising unease among shipowners while once again testing the US-Iran peace deal. On Tuesday, two tankers were struck by projectiles in the Strait of Hormuz, the UK Maritime Trade Operations said, the latest attacks targeting vessels transiting the strategic waterway that is central to the US-Iran negotiations. This takes the total tally of vessels attacked in the strait this week to three, as the UKMTO reported that a tanker was also struck on Monday. Iran's Islamic Revolutionary Guard Corps attacked a liquefied natural gas carrier after ignoring warnings while passing through the Omani route, according to Iranian media reports. Qatar's foreign ministry spokesperson, Majed Al Ansari, said the targeting of.