Tankers struck in Strait of Hormuz as oil markets track Iran tensions

Three oil tankers were hit by projectiles in the Strait of Hormuz on Tuesday, Reuters reported, citing maritime security firm Marisks. The Maritime Executive and OilPrice.com also reported three vessels struck, while Anadolu Agency reported that two tankers were hit by unknown projectiles. The Times of Israel cited a UK maritime group reporting that one tanker had been struck. The available reports did not identify who launched the projectiles.

The incidents followed Iran’s conditional offer to reopen the Strait and resume nuclear negotiations with the United States within seven days. Iranian Foreign Minister Abbas Araghchi said the route could reopen if Tehran’s conditions were met, including an end to what Iran calls U.S. aggression, the lifting of a naval blockade and economic pressure, and the release of Iranian assets.

President Donald Trump said he rejected the proposal. CNBC reported that a White House official told CNN and a U.S. official told Axios that Trump is open to sanctions relief and the release of frozen funds if there were concrete progress toward a nuclear agreement.

Oil prices remained elevated amid the tensions. CNBC reported Brent crude settled at $105.28 a barrel and West Texas Intermediate at $92.60 on Monday, retreating from session highs after Saudi Arabia reportedly restored about 3.5 million barrels per day of flow through its East-West pipeline and resumed export loadings at Yanbu.