Brent crude jumps 5% to above $105 a barrel on tanker attack
The Acers, an oil and chemical tanker, was struck by several projectiles north of Qatar late Wednesday, causing casualties, according to maritime intelligence firm Vanguard and the U.K. Maritime Trade Operations agency. The attack, which has not been confirmed as Iranian, is the first reported strike deep inside the Persian Gulf rather than near the Strait of Hormuz, and is raising concerns that a surge in maritime attacks is widening into new waters.
Brent crude, the international benchmark, rose about 5% to more than $105 a barrel Thursday as traders weighed the implications. Oil flows through Hormuz and associated transfers outside the strait fell 27% in the week ended Oct. 4 from a wartime high the previous week, according to preliminary Kpler data that could be revised higher.
Ship-tracker Kpler reported that 10 tankers were struck inside the strait from Sept. 28 to Oct. 4 — the highest number of strikes in any week this year. The previous weekly high was six.
The attack’s location, north of Qatar and well inside the Gulf, threatens elaborate U.S.-backed shipping arrangements that have helped oil exports recover toward prewar levels. Tankers have been conducting shuttle runs, carrying crude from Gulf oil terminals through the strait to vessels waiting outside, where it is transferred for onward delivery. Strikes deeper inside the Gulf could complicate that model.
Iran’s ability to target ships has improved in recent weeks, and Iranian state-linked media have reported that Iranian forces struck several tankers in recent weeks around the Strait of Hormuz, according to The Wall Street Journal. Attribution for the specific strike on the Acers remains unconfirmed by independent sources.
The escalation comes as Tehran faces growing pressure from a U.S. blockade of its ports that has choked off Iranian oil revenue. Iran loaded no crude onto ships in September, according to Kpler, as the blockade deprived the country of vital foreign-currency earnings and compounded an economic crisis.
Analysts say Tehran is increasing shipping attacks to break the stalemate in Hormuz and to raise pressure on Washington ahead of November’s midterm elections. “Iran wants to sustain pressure on global energy markets,” said Alice Gower, a partner at London-based political-risk advisory firm Azure Strategy. “Keeping oil prices elevated increases the economic costs of the conflict for Washington and its partners. Tehran will be conscious of Trump’s sensitivity to higher oil prices and the political implications of an unresolved conflict ahead of the midterms.”
Iranian officials have warned in recent days that they intend to challenge their neighbors’ shipping arrangements, including by closing routes near Oman’s coast. Analysts at consulting firm Eurasia Group said this week they expect Iran to continue targeting shipping to undermine U.S. gains rather than deliberately seek a full-scale confrontation.
Gulf producers have responded by increasingly relying on U.S.-protected tanker movements, ship-to-ship transfers outside Hormuz, and pipelines that bypass the strait entirely. Saudi Arabia resumed exports from both its Gulf and Red Sea coasts after repairing part of the damage to its East-West Pipeline following an attack last month. Those alternative routes have helped keep regional crude exports near prewar levels.
The strategy carries considerable risks. President Trump has said he is weighing renewed military action against Iran, and further disruption to oil exports could strengthen the case for American strikes. Iranian retaliation against Gulf energy infrastructure and American military bases could push oil prices even higher.
“Without a credible diplomatic pathway, both sides risk becoming trapped in an increasingly dangerous cycle of escalation,” Gower said.