Oil slips despite tanker strike off Oman as Hormuz tensions persist

Oil prices fell on Tuesday despite a tanker being struck off Oman, with Brent crude dropping 2.35% to $92.17 and Murban crude declining 1.98% to $101.40, as investors treated the incident as part of an ongoing high-risk status quo rather than a new crisis catalyst. The UKMTO reported an oil tanker was hit by an unknown projectile about 9 nautical miles northeast of Ash Shishah, Oman, damaging the engine room and disabling the vessel, though the crew was reported safe. West Texas Intermediate crude held relatively steadier with a modest uptick to $85.18, while natural gas eased 1.22% to $2.748. The strike occurred in the approaches to the Strait of Hormuz amid the broader US–Iran conflict, where repeated attacks on commercial shipping have desensitized markets. A June 2026 US–Iran memorandum on safe passage has collapsed, and further escalation could reprice the "Hormuz premium," though profit-taking and sufficient oil flows currently prevent an immediate supply shock.