Tanker attacks in the Gulf send oil and LNG prices surging as Hormuz traffic grinds to a halt

Financial News, New York – Reporter Lee Byung-chulAs the war between the United States and Iran spreads to the sea, the global energy supply chain is being shaken sharply. A series of tanker attacks in the Gulf region and the stranding of hundreds of ships near the Strait of Hormuz are rapidly heightening tensions in the crude oil and liquefied natural gas (LNG) markets. Since the war broke out, international oil prices have jumped 16%, while European natural gas prices have soared about 60% just this week.
According to Reuters and CNBC on the 5th (local time), two tankers anchored in the Gulf region came under attack in quick succession that day. A crude oil tanker registered in The Bahamas and anchored near Khor Al-Zubayr Port in Iraq was reportedly hit by a remote-controlled boat loaded with explosives and operated by Iran. Another tanker anchored off Kuwait suffered a major explosion on its port side, causing seawater to flood in and crude oil to leak, according to reports.
Since clashes began among the United States, Israel and Iran, at least nine vessels have been attacked. Early that morning, Iran launched a large number of missiles toward Israel and sent drones into Azerbaijani airspace, injuring at least four people, indicating that the scope of the conflict is widening.
Maritime logistics are also nearing a standstill. Ship-tracking data show that about 200 vessels, including oil tankers, LNG carriers and cargo ships, are anchored and waiting in waters near major oil-producing countries in the Gulf region. Hundreds more ships are staying outside the Strait of Hormuz, unable to approach ports. The Strait of Hormuz is a key maritime chokepoint through which about 20% of the world’s crude oil and LNG supplies pass.
US President Donald Trump has proposed deploying US Navy escorts and providing insurance support to normalize maritime transport. Lloyd’s of London, the global insurance market, is reportedly discussing related plans with the US government.
Production disruptions in Middle Eastern oil-producing countries are also becoming a reality. BP withdrew its foreign staff from the Rumaila oil field in Iraq after an unidentified drone landed there. Iraq has cut crude output by about 1.5 million barrels per day due to a lack of storage capacity and difficulties loading tankers. In Kuwait, one refinery has halted operations and another has reduced its run rate. A refinery in Bahrain has also lowered its production.
Energy markets reacted immediately. On the day, Brent crude rose 3%, while West Texas Intermediate (WTI) crude climbed 4%. Since the war began, both benchmarks have surged about 16%. European benchmark natural gas prices also gained 3% on the day, bringing this week’s increase to roughly 60%.
Concerns over a supply shock are mounting as well. Qatar, which accounts for about 20% of global LNG supply, halted gas production earlier this week due to the conflict. Other major LNG producers such as the United States and Australia are believed to have little spare capacity to fill the gap.


[email protected] Reporter Lee Byung-chul Reporter