By 11:40 a.m. ET, the market reaction was pronounced across the board. NYMEX October West Texas Intermediate crude futures climbed $2.35 to reach $88.10/bbl, while the November contract added $1.85 to settle at $85.90/bbl. International benchmarks followed a similar trajectory, with London-based October Brent rising $2.05 to $92.50/bbl and November Brent gaining $1.55 to $89.95/bbl. This movement extends a trend from Monday, when benchmarks rose by nearly $2 on mounting anxiety over regional energy security.
In section Market Quotes
Oil Prices Surge as Strait of Hormuz Tanker Attacks Spike Supply Fears
Projectiles struck two tankers in the Strait of Hormuz on Tuesday, triggering an immediate $2 rally in global crude prices. The incident deepens concerns over the stability of the world's most critical petroleum transit route, already strained by a prolonged reduction in commercial shipping traffic through the narrow waterway.
Refined products reflected the heightened geopolitical risk, with diesel futures significantly outperforming gasoline. October ULSD surged 20.95cts to $4.62/gal, while November ULSD rose 19.95cts to $4.4515/gal. In comparison, gasoline contracts saw more modest gains, with October RBOB up 1.6cts to $3.097/gal and November RBOB increasing by 3.5cts to $2.927/gal.
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