Brent Hits $117 as Tanker Catches Fire in Strait of Hormuz

Summary

Escalating tensions in the Strait of Hormuz, a critical chokepoint for global oil supply, have pushed Brent crude prices to $117 per barrel. The price spike follows a confirmed attack on a tanker near Oman, where explosive devices caused a fire. This incident, coupled with claims from Iran's IRGC and ongoing Houthi attacks on Saudi infrastructure, heightens market fears of a wider conflict that could disrupt significant volumes of Gulf exports.