Crude oil futures climbed on Tuesday after projectiles struck two very large crude carriers departing the Strait of Hormuz late Monday, escalating hostilities in the critical global energy corridor.

According to maritime security firm Marisks, the Saudi-operated vessel “Sidr”, managed by Bahri, came under attack northeast of Khasab, Oman. Meanwhile, the “Senegal Prosperity”, a tanker operated by South Korea's Sinokor Group, was hit by three projectiles east of Oman. Both ships had their automatic identification system transponders switched off at the time, and no group has yet claimed responsibility.

The incident follows retaliatory strikes between Washington and Tehran hours earlier. The United States reported destroying an Iranian rocket launcher that was allegedly preparing to lay naval mines, prompting Iranian forces to attack targets inside the UAE and Jordan.

These hostilities mark a stark departure from the relative calm of recent weeks, during which the Trump administration shifted its pressure tactics toward economic sanctions rather than military action. Oil flows through the Strait of Hormuz had recovered to roughly half of their pre-conflict levels, partly aided by short-haul relay shipments from Middle Eastern producers.

In response to the attacks, Brent crude rose approximately 1.7% on Tuesday, climbing back above the $92-per-barrel threshold.

A prolonged conflict could drive up energy costs and inflation, creating turbulence across global financial markets while potentially complicating the Republican Party's efforts to retain control of Congress in the upcoming midterm elections.

For Iran, however, the sustained recovery in oil shipments could undermine its negotiating leverage in any future diplomatic talks.

On the diplomatic front, Qatar and Pakistan continue their mediation efforts, yet neither Washington nor Tehran has shown strong willingness to re-enter negotiations. Iranian President Pezeshkian, speaking during a Shanghai Cooperation Organization summit, publicly questioned America's commitment to honoring agreements, pointing to repeated violations of previous ceasefire promises. The prospects for a diplomatic resolution remain fraught with the risk of failure.