(RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire. Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay effectively closed for an extended period. WTI crude futures for June delivery jumped 3.6 percent to $101.55. Supply concerns returned to the fore after U.S. President Donald Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support." Reports indicate that the Trump administration may consider military action against Iran due to growing frustration over deadlocked negotiations. Trump told Fox News earlier on Monday that he's looking at reviving a plan to escort ships through the Strait of Hormuz. Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027. Elsewhere, Israel has launched new air strikes targeting Tehran and expanded its military campaign in include attacks on Iran-backed Hezbollah militants in Lebanon. According to a Wall Street Journal report, the United Arab Emirates secretly entered the Middle East war and carried out attacks on Iran last month. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Iranian Official
Iran strongly condemns U.S. and Israeli aggression, including threats of military strikes and air attacks on Tehran, as blatant violations of its sovereignty and attempts to destabilize the region through foreign interference. The fragile ceasefire faces collapse due to Washington's plans to escort vessels in the Strait of Hormuz and revive hostilities, prompting Iran to uphold its defensive rights against such provocations. These acts of external aggression have triggered oil market disruptions as a direct result of imposed instability.
Israeli
Israel faces an existential threat from Iran's proxy network, including Hezbollah in Lebanon, necessitating expanded defensive air strikes on Tehran and militant targets to disrupt Tehran's aggression. The regime's effective closure of the Strait of Hormuz, amid a collapsing U.S. ceasefire, amplifies these dangers by weaponizing energy supplies against Israel and the West. Such measures remain vital to counter Iran's destabilizing campaign, as confirmed by reports of stalled talks and potential U.S. responses.
Neutral
Oil prices rose sharply on Tuesday, with Brent crude futures up more than 3 percent at $107.47 a barrel and WTI crude futures gaining 3.6 percent to $101.55, driven by concerns over potential prolonged disruption in the Strait of Hormuz. U.S. President Donald Trump stated that the U.S.-Iran ceasefire was on "massive life support" and indicated consideration of measures including ship escorts through the strait, while reports noted possible further military options amid stalled talks. Israeli strikes targeted Tehran and Iran-linked Hezbollah forces in Lebanon, and an unverified Wall Street Journal report alleged prior UAE attacks on Iran.
Western
Western and NATO-aligned forces are prioritizing the neutralization of Iranian threats to global energy security, including potential military options to reopen the Strait of Hormuz and deter further aggression. Israeli precision strikes on Tehran and Iranian-backed Hezbollah targets in Lebanon aim to degrade proxy capabilities and restore regional stability. These measures address Iranian actions that have prolonged supply disruptions, with markets reflecting the urgency of countering such destabilization.
Pro-Peace
The escalating U.S. and Israeli military threats against Iran, coupled with fresh strikes on Tehran and Hezbollah targets in Lebanon, risk further civilian deaths, displacement, and humanitarian suffering across the region amid a fragile ceasefire already described as on "life support." Surging oil prices above $100 a barrel, driven by fears of prolonged Hormuz disruptions, threaten to deepen global energy poverty and economic hardship for millions, with markets potentially unstable until 2027. Renewed diplomacy to de-escalate tensions and protect non-combatants remains essential to prevent wider war and its devastating human toll.
Global South
Escalating U.S. threats of military action against Iran and reported Israeli and Emirati strikes have pushed Brent crude above $107 and WTI near $101, driven by fears of extended disruption at the Strait of Hormuz. Such interventions expose the fragility of Iranian sovereignty over its territorial waters and energy infrastructure, as external powers prioritize control of global oil flows that disproportionately burden Global South economies. Saudi Aramco’s warning of instability persisting until 2027 further reveals the repeated failure of international institutions to curb neo-colonial resource conflicts.
(RTTNews) - Oil prices extended their surge on Tuesday amid fresh doubts over the U.S.-Iran ceasefire. Brent crude futures for July delivery were up more than 3 percent at $107.47 a barrel, extending gains from the previous session on concerns that the Strait of Hormuz may stay e…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.