Brent Jumps 4% After UN Agency Halts Hormuz Evacuation Plan
Updated
Updated · Al Jazeera English · Jun 26
Brent Jumps 4% After UN Agency Halts Hormuz Evacuation Plan
3 articles · Updated · Al Jazeera English · Jun 26
Summary
Brent crude climbed as much as 4% to $74.89 a barrel after the International Maritime Organization paused plans to evacuate ships stranded around the Strait of Hormuz.
An attack on a cargo vessel near the Omani coast triggered the halt after UKMTO said the ship was hit by an “unknown projectile”; several media outlets cited US officials blaming Iran.
The strike undercut a fragile recovery in shipping traffic through the chokepoint, where about one-fifth of global oil and LNG supplies normally transit; 70 vessels crossed on Wednesday, more than double the previous day.
Iran’s Persian Gulf Strait Authority warned ships using routes outside its designated framework would not be guaranteed safe passage, reinforcing market fears that the US-Iran ceasefire remains tenuous.
Asian equities fell as the risk premium returned, with Japan’s Nikkei 225 and South Korea’s Kospi both down more than 3% in morning trade.
Iran demands tolls while the US offers a free route. Which path will oil tankers risk in the Strait of Hormuz?
After a fresh attack shattered a new ceasefire, is the landmark US-Iran peace deal already on the brink of collapse?
Hormuz Disruption 2026: Attack on Ever Lovely, Evacuation Suspension, and the Ripple Effects on Global Trade and Security
Overview
The attack on the Singapore-flagged cargo vessel Ever Lovely near the Omani coast has forced a major re-evaluation of maritime safety in the Strait of Hormuz. This incident came just as shipowners were cautiously resuming transit after a U.S.-Iran interim peace deal aimed at pausing hostilities. Although traffic had partially recovered, it was still far below pre-war levels. The International Maritime Organization (IMO) had started an evacuation plan to help stranded vessels and seafarers, but the attack immediately disrupted these efforts, highlighting the ongoing risks and the fragile nature of recent diplomatic progress in the region.