Oil prices experienced a dramatic increase of 13% at the start of trading due to missile strikes by Iran on at least three vessels in the strategic Strait of Hormuz. According to reports from the UK Maritime Trade Operations centre, two ships were directly hit by missiles, while an explosion from an unknown projectile occurred near a third vessel. As trading commenced in Asian markets, Brent crude oil prices surged past $82 per barrel before easing off slightly later on.

The Strait of Hormuz is a critical chokepoint for global oil transportation, facilitating around 20% of the world's oil and liquefied natural gas transit. Following the attacks, maritime traffic through the strait has effectively come to a standstill, raising alarm over potential disruptions. This halt could lead to significant repercussions for the prices of gas oil, jet fuel, and naphtha, logistical commodities that depend heavily on this route for their supply. In 2025, an estimated 9% of the global daily gas oil supplies and 18% of jet fuel shipments utilized the passage through the Strait of Hormuz, highlighting its importance to global energy markets.

The aftermath of these attacks has already seen more than 150 tankers anchored in open waters within the Persian Gulf, signaling a major operational disruption. Shipping companies, including Maersk, have reacted to the escalating tensions by reassessing routes and schedules. The geopolitical implications of these strikes not only affect oil prices but could also prompt wider international responses to ensure maritime security in this pivotal region, raising concerns over stability in global oil supplies and pricing.