Iran Strike Halts Hormuz Shipping as Brent Jumps Above $75
Updated
Updated · The New York Times · Jun 25
Iran Strike Halts Hormuz Shipping as Brent Jumps Above $75
3 articles · Updated · The New York Times · Jun 25
Summary
Brent crude rose more than 2% to about $75 a barrel and WTI climbed above $72 after Iran reportedly struck a container ship, stopping traffic through the Strait of Hormuz.
The jump reversed an earlier slide that had followed progress clearing a Persian Gulf ship backlog; before the attack, 78 vessels crossed the strait on Wednesday, or 57% of prewar daily volume.
Shipping costs still remain elevated despite the recent easing, with Oxford Economics warning the route is riskier and more expensive because of possible sea mines and higher war-risk premiums.
U.S. pump prices have not yet followed crude higher: gasoline slipped to $3.92 a gallon and diesel to $4.96, though both remain more than 30% above levels at the war's start.
With a landmark peace deal on the line, will Iran's new attack plunge global energy markets back into chaos?
Beyond oil, could the Hormuz attack trigger a global food crisis by cutting off the world's fertilizer supply?
Strait of Hormuz 2026: Economic Shockwaves, Energy Vulnerabilities, and the Future of Middle East Security
Overview
In early 2026, a major aerial attack by the United States and Israel killed Iran’s Supreme Leader, prompting Iran to close the Strait of Hormuz—a vital global energy route. This closure immediately threatened energy security and caused gasoline prices to spike, which hurt President Trump’s economic approval ratings. As economic fallout spread, Iran and the US began historic peace talks in Switzerland, aiming to de-escalate tensions with a 60-day roadmap. However, internal debates in Iran and uncertain diplomatic outcomes mean the world is still waiting to see if energy flows and economic stability can be restored.