News Desk - Oil prices rose after a cargo ship came under attack near the Strait of Hormuz, prompting the UN maritime agency to halt a planned evacuation of vessels in the key waterway. Brent crude briefly climbed as much as 4 percent before easing, reflecting renewed concern that shipping disruption in the region could threaten global supply.

The attack, reported near Oman and linked by U.S. officials to Iran, revived fears over one of the world’s most important oil chokepoints and pushed traders back into the market. Brent futures for August delivery were quoted around $74.89 a barrel after earlier dipping below $72.48, while U.S. crude also traded higher as investors reassessed the risk to tanker traffic and regional exports. The move came after a period of sharp volatility, with prices previously falling when tensions appeared to ease and rising again whenever attacks or military escalation threatened the flow of oil.

According to reports, the latest gain was driven not only by supply fears but also by short covering and bargain buying after recent declines, underscoring how sensitive energy markets remain to developments in the Strait of Hormuz. The maritime route carries a major share of global crude and liquefied natural gas shipments, so even limited disruption can quickly ripple through markets and lift prices. Traders are now watching whether the situation stabilises or whether further attacks prompt a deeper and more sustained rally in crude.

For now, oil markets are reacting cautiously rather than panicking, but the Strait of Hormuz remains a major flashpoint for prices and supply security. Any further disruption in the waterway could add fresh upward pressure on Brent and WTI in the near term.