Story perspectives

Four tankers retreat from Hormuz; Brent holds steady

7/10/2026

Summary

Tankers Turn Back

At least four oil and gas tankers turned back from the Strait of Hormuz after renewed attacks.
Only five vessels were tracked crossing the strait on Wednesday, compared with about 45 on Monday.
The VLCC Lila Vadinar, carrying 2 million barrels of Kuwaiti crude, made a U-turn off Oman on Wednesday.
Brent crude steadied at $76.37 per barrel on Friday, though analysts expect a $10-$15 rise this summer.

Summary

US raises threat

The Al Rekayyat LNG tanker was attacked, leading Qatar's foreign ministry to summon Iran's deputy ambassador in protest.
The U.S. Navy-led Joint Maritime Information Center raised the Hormuz transit threat level to “severe” from “substantial.”
The International Maritime Organization advised vessels to avoid Hormuz until crew safety can be assured.
War-risk insurers increased premiums for ships crossing the strait, causing shipping lines to reconsider schedules.

History

Historical Context

In early 1984 Iraq attacked Iranian oil sites, prompting Iran to strike Gulf-state tankers and launch the Iran-Iraq Tanker War. Kuwait’s March 1987 request led the United States to re-flag and escort its ships under Operation Earnest Will, which began on 24 July 1987. The 2024 Iranian missile attacks that forced four tankers, including the VLCC Lila Vadinar, to reverse course revive those 1987 disruptions and raise war-risk premiums.

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Tankers Turn Back

At least four oil and gas tankers turned back from the Strait of Hormuz after renewed attacks.
Only five vessels were tracked crossing the strait on Wednesday, compared with about 45 on Monday.
The VLCC Lila Vadinar, carrying 2 million barrels of Kuwaiti crude, made a U-turn off Oman on Wednesday.
Brent crude steadied at $76.37 per barrel on Friday, though analysts expect a $10-$15 rise this summer.

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