Brent rises 2% to $85 as U.S. strikes Iran again and missiles hit Emirati oil tankers in Strait of Hormuz

According to CNBC, the U.S. launched strikes against Iran for a third consecutive night on President Donald Trump’s orders, after Iranian missiles hit two Emirati oil tankers in the Strait of Hormuz and triggered air-raid warnings across the Gulf. U.S. Central Command said the strikes would continue to impose costs on Iranian forces and reduce Tehran’s ability to attack shipping in the strait; the action followed Trump’s order to reinstate a blockade on Iran in the waterway Tuesday at 4 p.m. ET and his proposal of a 20% toll for ships transiting the strait. The UAE Defense Ministry said tankers Mombasa and AI Bahiyah were struck by two Iranian cruise missiles in the strait’s southern lane inside Omani territorial waters, killing one Indian crew member and injuring eight others, while Bahrain also sounded missile-alert sirens. Kpler said confirmed crossings through Hormuz fell about 52% week on week over July 10 to 12, and Lloyd’s List Intelligence said war risk premiums are expected to rise sharply as shipowners and charterers pause transit decisions. Brent crude rose 2% to $85 a barrel on Tuesday, while U.S. West Texas Intermediate gained 2.3% to $80.