FILE PHOTO: The reported attacks threaten to unravel a memorandum of understanding signed less than three weeks ago under which Iran agreed to halt attacks in the Strait of Hormuz
| Photo Credit:
Eli Hartman
Crude oil futures traded higher on Tuesday morning following reports of attacks on ships in the Strait of Hormuz.
At 9.30 am on Tuesday, September Brent oil futures were at $72.45, up by 0.64 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $68.93, up by 0.55 per cent. July crude oil futures were trading at ₹6586 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6551, up by 0.53 per cent, and August futures were trading at ₹6612 against the previous close of ₹6582, up by 0.46 per cent.
The United Kingdom Maritime Trade Operations (UKMTO) said that it has received a report of an incident 8 nautical miles east of Limah, Oman. A tanker has reported being hit by an unknown projectile on the port side causing a fire, whilst travelling southbound. No casualties or environmental impact has been reported. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO, it said.
Quoting two unnamed US officials, an Axios report said Iran’s military fired at least two missiles at commercial ships transiting the Strait of Hormuz on Monday night.
The reported attacks threaten to unravel a memorandum of understanding signed less than three weeks ago under which Iran agreed to halt attacks in the Strait of Hormuz, it said. The report said that the US is likely to retaliate with strikes against Iranian targets.
Meanwhile, US President Donald Trump said on Monday that the US would either reach a deal with Iran or ‘finish the job’.
Speaking to reporters at the Oval Office, he said: “We’re either going to make a deal or we’re going to finish the job. OK. And it won’t be tough to finish the job. I’d rather make a deal, because I don’t want to affect 91 million people. We can knock down their bridges in one hour, we can knock out their energy supply. They don’t have any money now. We haven’t given them any money.”
Published on July 7, 2026
