Oil markets faced renewed turbulence on July 21, 2026, after a commercial oil tanker was attacked in the Strait of Hormuz, prompting its crew to abandon ship off the coast of Oman. Iran’s Revolutionary Guard claimed responsibility for the strike, as well as two earlier attacks on commercial vessels in the waterway on Monday. The incident came just hours after the United States completed a tenth consecutive night of airstrikes on Iranian military infrastructure. US Central Command said the five-hour campaign late Monday targeted command centers, air defenses, coastal surveillance, and missile and drone launch sites to reduce threats to shipping.

Prepared by Rachel Morgan and reviewed by editorial team.