Oil prices spike as Iran drone strike disrupts Strait of Hormuz shipping

Oil prices swung in mixed directions Thursday as traders digested a reported Iranian Revolutionary Guard Corps drone attack on a Singapore-flagged container ship in the Strait of Hormuz, rekindling fears of renewed disruption in the vital waterway. Murban crude, the Abu Dhabi benchmark, jumped $2.61 to $69.06, up nearly 4%, while benchmark Brent crude climbed $1.52 to $75.26 a barrel, a gain of 2.06%. West Texas Intermediate crude, however, slipped 50 cents to $71.42, down 0.70%. The incident prompted the UN agency overseeing a limited evacuation and convoy effort in the strait to pause operations. Analysts said the attack introduced fresh geopolitical risk premium into the market after oil prices had fallen sharply in recent weeks on hopes that the strait—which carries about one-fifth of global seaborne oil—would fully reopen following months of conflict-related disruptions.