U.S. crude oil prices on Thursday touched their highest level since June 2025 after Iran claimed to have attacked a tanker.
U.S. crude was last up 3.8%, or $2.86, at $77.52 per barrel, while global benchmark Brent rose 2.9%, or $1.89, to $83.75 per barrel.
U.S. crude briefly broke $78 per barrel earlier in the session, the highest level since the U.S. and Israel attacked Iran’s nuclear facilities last June. Oil prices have surged about 15% this week.
Iran claimed to have struck an oil tanker with a missile, according to a state media report. Iran’s Revolutionary Guard ordered a closure of the Strait of Hormuz earlier this week and threatened to attack tankers passing through it, according to state media.
The British Navy on Thursday reported a large explosion at a tanker at anchor in Iraqi territorial waters. The ship’s master reported seeing a small vessel flee the scene. The crew is safe and no fires were reported.
Tanker traffic through the Strait of Hormuz has come to a standstill since the U.S.-Israeli war against Iran began, as ship owners are worried about the volatile security situation. About 20% of global oil consumption is exported through the Strait.
