FILE PHOTO: A drone view shows vessels near the Strait of Hormuz, as seen from Musandam, Oman, on August 28, 2026.
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US-Iran tensions over the Strait of Hormuz heightened after a flurry of military strikes at the start of the week, with neither side prepared to cede ground over the crucial waterway. Two oil supertankers attempting to exit the strait were struck in quick succession by projectiles late Monday, maritime security consultant Marisks said, after Washington and Tehran had clashed for the first time in about a month earlier in the day.The very large crude carrier Sidr, run by Saudi Arabia’s Bahri shipping company, was hit while sailing northeast of Khasab, Oman, according to Marisks. The Senegal Prosperity, operated by South Korea’s Sinokor Group, was struck by three projectiles while traveling east of the same country, it said, adding that both were exiting the Persian Gulf.While no one claimed responsibility for the attacks, the reports followed a resumption of tit-for-tat strikes between the US and Iran over control of the chokepoint. The US said it targeted Iranian rocket launchers that were preparing to send mines into the strait, and Iran retaliated with attacks on the United Arab Emirates and Jordan.There were no reports of strikes taking place on Tuesday.The exchanges followed weeks of relative calm, during which US President Donald Trump’s administration said it was pivoting from military action to applying economic measures to pressure Tehran. Oil shipments through Hormuz recovered to roughly half of pre-war levels as a result of the dip in attacks, thanks in part to clandestine shuttle runs from major West Asia producers. Why restoring Hormuz traffic Is proving so difficult: ExplainerOil prices jumped on Tuesday on concern that a revival in hostilities would derail that recovery, with Brent crude trading about 2% higher at more than $92 barrel. Any sustained return to fighting risks driving up energy costs and inflation, which would unnerve global investors and complicate Republicans’ efforts to retain control of the US Congress in November’s midterm elections.For Iran, a resumption in near pre-war shipping volumes risks undermining its leverage in any future peace negotiations. US Treasury Secretary Scott Bessent dismissed the importance of Hormuz on Tuesday, saying it would eventually become irrelevant due to the increased use of oil pipelines. The comment appeared not to take into account the time needed to effect such a major switch in energy supply routes, while other key commodities, including aluminum and fertiliser, would still need to use the strait. Trump had similarly tried to play down the ongoing conflict with Iran on Monday, telling reporters that it was just a “little war.” Even so, there’s no sign of an imminent resolution, and oil is up more than 45% since the start of the year. The US and Iran have shown little appetite to resume negotiations since the collapse of an interim peace agreement signed more than two months ago.Speaking at the Shanghai Cooperation Organisation summit in Kyrgyzstan, Iran President Masoud Pezeshkian played down the prospect of a resumption in formal talks. “Repeated US violations of commitments under the Islamabad memorandum showed that even when the parties reach a political framework to stop the conflict and begin negotiations, the lack of effective enforcement mechanisms and a return to a policy of pressure and threats can cause diplomacy to fail,” he said in comments carried by the state-run IRNA.Qatar’s Foreign Ministry spokesperson Majed Al-Ansari said on Tuesday that mediation efforts to break the impasse are ongoing, while Pakistan Prime Minister Shehbaz Sharif told leaders of the SCO he “firmly believes” the peace framework agreed upon in Islamabad in June offers the best prospect for peace. Qatar and Pakistan are the main mediators between the two sides. Pezeshkian’s appearance at the SCO came over a week after the US launched a campaign to further isolate Iran, warning countries not to engage with the Islamic Republic or face punishment from Washington. There’s been little sign of Iran’s business or trade partners responding to the threat so far, and India’s Prime Minister Narendra Modi was among SCO attendees saying they wanted to strengthen relations.The US and Iran have issued conflicting reports on safety of navigation in the strait, with a top US commander declaring “international shipping lanes are open” after American forces had cleared Iranian mines. That statement, which followed similar claims from Trump, has been privately doubted by US allies, Bloomberg reported last week. The latest Strait of Hormuz attack shines a spotlight on Saudi Arabia’s recent exports via the waterway, after state-owned producer Aramco resumed loadings from Ras Tanura and began offering cargoes from the Gulf of Oman via tenders. For months, Aramco had focused on diverting as much oil as possible to its Red Sea ports including Yanbu, and offering cargoes from Egypt’s Mediterranean port of Sidi Kerir, with Iran-backed Houthis targeting those flows.The Sidr is now anchored in the middle of the strait near the Omani coast, ship-tracking data show. The tanker has been sailing dark since August 20 and was last seen off Fujairah, on the UAE’s eastern coast. Senegal Prosperity was last seen laden and leaving Saudi Arabia’s Juaymah in late August, before going dark.More stories like this are available on bloomberg.com©2026 Bloomberg L.P.Published on September 2, 2026
