West Texas Intermediate (WTI) crude futures held above $103 a barrel Friday after an explosive incident disabled a tanker near the Strait of Hormuz, as traders weighed risks to shipments through a major oil route.
Reuters reported that futures were at $103.79 a barrel at 4:45 a.m. ET (08:45 UTC), up $1.79, or 1.75%. The outlet said WTI was on course for a 15% gain in October. Later, FXStreet reported that the benchmark remained above $103 at 8:19 a.m. ET (12:19:57 UTC), after reaching a five-month high just above $104 earlier in the session.
The United Kingdom Maritime Trade Operations (UKMTO) said the incident occurred at 6:12 p.m. ET Thursday (22:12 UTC) about 25 nautical miles northeast of Khasab, Oman. A small craft moved up beside the tanker on its port side and fastened two explosive charges to the hull above the waterline, the agency said. The blasts sparked an engine-room fire and temporarily left the vessel unable to operate.
UKMTO said the fire was put out, the crew were safe and no environmental impact had been reported. The tanker was continuing to its next port. Authorities were investigating, and UKMTO did not identify who was responsible.
EIA data put average Hormuz oil transit at 4.9 million barrels per day in Q2 2026, down from 21.6 million per day in Q4 2025. The agency put flows at 20.9 million barrels per day in the first half of 2025, equivalent to about 20% of global petroleum-liquids consumption at the time.
An official briefed on the talks told Reuters that Qatari mediators returned to Tehran Friday as part of efforts to reach an agreement between Iran and the United States. Iran’s state news agency IRNA also reported the delegation’s return. Reuters quoted Ole Hansen, head of commodity strategy at Saxo Bank, saying the oil market was “getting increasingly spooked” as the U.S. midterm elections approached.
EconoTimes previously covered WTI’s retreat from a session high near $104 as shipping risks persisted.
