Gulf Tanker Attack and Iran Tensions Send Brent Above $104 as US Stocks Slide

A fresh tanker attack deep in the Persian Gulf drove Brent crude up more than 4% to $104.41 a barrel on Thursday, pulling Wall Street lower for a second consecutive session after the S&P 500 and Nasdaq had set records on Tuesday. The Antigua and Barbuda-flagged oil and chemical tanker Acers was struck by multiple projectiles approximately 51 nautical miles north of Qatar near Madinat al-Shamal while transiting toward the Strait of Hormuz, according to UK Maritime Trade Operations. Casualties were reported aboard the vessel. The attack marks a notable western expansion of maritime strikes in the Gulf, extending the conflict zone beyond its previous boundaries.

A separate fire broke out aboard the Marshall Islands-flagged tanker Dhalkut in the Gulf of Oman, roughly 40 kilometers east of Fujairah. The two incidents bring the total of confirmed maritime security incidents to 93 since hostilities escalated in the region, with more than 24 seafarers killed. Despite the disruptions, CENTCOM stated that commercial and energy traffic continues to flow through the Strait of Hormuz, including approximately 20 million barrels of crude, with US and regional partners coordinating maritime security. Shipping insurance and transport costs remain elevated, keeping Brent supported above $100.

Geopolitical pressure compounded across the region. Saudi civil defense intercepted a ballistic missile over Riyadh, though debris struck a medical complex. Houthi forces subsequently claimed to have struck King Khalid International Airport in Riyadh with two missiles, marking their third such attack on the airport in a single day. Flight disruptions were reported in the Saudi capital. Pakistan's Information Ministry separately denied a New York Times report that its air force jets were participating in strikes on Houthi targets under the Mecca joint defense agreement.

In a further blow to energy supply, Ukrainian one-way attack drones struck the Omsk Oil Refinery in Russia, the country's largest refinery with an estimated annual processing capacity of 22 million tons. A Ukrainian drone also attacked an oil tanker near Sochi carrying more than 20 Indian seafarers, drawing a sharp response from New Delhi, which noted the attack came despite Ukraine's own endorsement of India's truce proposal calling for safe passage of oil vessels and protection of seafarers.

Equities bore the brunt of the commodity surge. The Nasdaq fell 0.62% and the S&P 500 extended its pullback from record highs, with futures having pointed to weakness before the open after President Trump said he does not want an Iran deal, dimming prospects for any diplomatic easing of supply concerns. WTI crude rose 4.36% to $92.13 a barrel and natural gas gained 2.44% to $3.281. Samsung's stock declined despite the company reporting a 783% year-over-year profit jump, and PepsiCo beat earnings expectations but cut its full-year guidance, adding to the cautious tone on Wall Street.