Oil Prices Slip as Strait of Hormuz Attacks Raise Supply Concerns

On October 13, 2026 a vessel transited the Gulf of Oman off Khor Fakkan in the emirate of Sharjah, United Arab Emirates, when a Singapore-registered ship was sunk in the Strait of Hormuz. The incident prompted traders to reassess supply risks, driving Brent crude futures for December delivery down 1.5 % to $104.52 a barrel, while U.S. West Texas Intermediate (WTI) futures for November held steady at $94.15 a barrel, according to CNBC.

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The sinking occurred amid heightened regional friction. Iran, meanwhile, stated it is “counting the moments” until it can strike U.S. warships. The International Energy Agency’s October oil market report warned that diesel market constraints could persist into the next year, noting that fresh attacks on Saudi Arabia risk derailing a recovery in oil supply.

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• Brent crude (December) : $104.52 per barrel, down 1.5 % on the day.

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• WTI crude (November) : $94.15 per barrel, unchanged.

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These price movements reflect trader sensitivity to potential disruptions in the narrow Strait of Hormuz, a chokepoint for a significant share of global oil shipments.

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The Singapore maritime authority issued a formal statement condemning the attacks. Iran’s public comment signaled an intent to target U.S. naval assets. The International Energy Agency highlighted ongoing diesel market pressures in its monthly outlook. Additionally, the Trump administration is reportedly weighing a relaxation of sanctions on “shadow fleet” vessels that transport oil and petroleum products from countries such as Russia, as cited by Reuters.

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Analysts note that continued attacks could tighten physical oil flows through the Strait, sustaining upward pressure on benchmark prices. If the U.S. eases sanctions on shadow-fleet operators, additional tanker capacity might mitigate some supply concerns, though the effectiveness of such a measure depends on the security environment in the Gulf region.

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