Brent crude surges after Iran-linked Strait of Hormuz disruption claims
IRGC statements and Iranian media reports described tanker explosions, halted traffic and threats to keep the Strait of Hormuz closed, heightening concern over a key global oil shipping chokepoint.
Brent crude rose to $91.40 per barrel on July 20, 2026 after Iran’s Islamic Revolutionary Guard Corps said two tankers exploded and were immobilized near the Strait of Hormuz, while Iranian media and a source cited by PANews said traffic through the waterway had fallen to zero and Iran would keep it closed while what they described as U.S. hostile actions continued. The IRGC warned that no oil, gas or chemical fertilizer shipments through the strait would be safe under those conditions. Separately, UK Maritime Trade Operations reported a fire aboard a vessel about 15 kilometers off Oman’s Musandam Peninsula, with the crew evacuated safely and rescued by a tugboat. Bloomberg reported that the tanker Cabo Maleas may have been targeted by Iran.
- Brent crude: A widely used global benchmark price for oil.
- Strait of Hormuz: A narrow waterway between the Persian Gulf and the Gulf of Oman that is critical for global oil and gas shipments.
- UK Maritime Trade Operations: A British naval information-sharing and reporting channel that issues maritime security updates for commercial shipping.