Tanker Struck by Projectile in Strait of Hormuz as Oil Settles Above $100

A tanker was hit by an unknown projectile while completing an outbound transit of the Strait of Hormuz near Khasab, Oman, at 1600 UTC on October 29, 2026. The vessel's Company Security Officer reported the incident to the UK Maritime Trade Operations, which logged it as UKMTO Incident 186-26. No crew injuries or environmental impact were reported, but UKMTO advised all vessels in the area to transit with caution and report suspicious activity while authorities investigate. Because the ship was on an outbound route, it was carrying a full cargo of crude at the time of the strike.

Despite the Hormuz incident, oil prices drifted modestly lower on the day. NYMEX WTI December futures settled at $102.00 per barrel, down 78 cents or 0.76%, while Brent crude settled at $114.88 per barrel, down 44 cents or 0.38%. NYMEX Gasoline for November settled at $3.1850 per gallon, Diesel at $4.7360 per gallon, and Natural Gas for December at $2.9520 per MMBtu. Analysts noted that Brent is on course for its highest monthly close since 2012, with physical or Dated Brent trading at roughly $117, only about $3 above January futures, suggesting physical and forward markets remain closely aligned even as prices hold well above $100.

Energy equities were mixed in afternoon trading, with broader U.S. stocks also under pressure as the Dow Jones fell more than 250 points, partly on the back of weak Caterpillar earnings. Shell and TotalEnergies reported record refining results but face mounting pressure from operational costs. Attention turns to Friday, when ExxonMobil and Chevron are set to report quarterly results, with investors focused on how both companies deployed cash generated during the sustained oil price spike.