The interception of two US destroyers by Iran’s navy threatens to unravel a fragile ceasefire, sending oil prices climbing on renewed fears of a full closure of the world’s most critical energy chokepoint.
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Iran Intercepts 2 US Warships Near Strait of Hormuz, Oil Nears $100
Iran’s navy intercepted two US destroyers at the entrance to the Strait of Hormuz on April 11, an escalation that threatens a two-week-old ceasefire and pushed Brent crude futures more than 1 percent higher to $96.91 a barrel.
"Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz," former President Donald Trump said in a Truth Social post, weighing in on the ceasefire's failure to reopen the waterway.
The naval incident follows a series of attacks on Saudi Arabian energy infrastructure that have already curtailed the kingdom's production by 600,000 barrels per day. West Texas Intermediate crude gained 0.55% to $98.33, reflecting market anxiety over the dual threats of direct military confrontation and sustained supply disruptions.
With the Strait of Hormuz—the transit point for a fifth of global oil supply—still largely inaccessible to shipping, the standoff puts immediate pressure on global inventories. Another failed attempt to reopen the waterway could force major economies to release strategic petroleum reserves as prices test the $100 per barrel threshold.
According to a statement from Tehran, the USS Frank E. Petersen and USS Michael Murphy were attempting to “infiltrate” the strait by disguising themselves as commercial vessels traveling close to the Omani coast. Iranian naval forces claim to have intercepted the destroyers, forcing them to retreat into the Sea of Oman. The US has not yet commented on the incident.
The confrontation undermines a fragile US-Iran ceasefire agreement reached just two weeks prior, which was contingent on Tehran allowing vessels to resume transit through the strait. The waterway remains largely shut, with Gulf imports dropping below 2 million barrels per day, according to Goldman Sachs analysts.
The last time similar naval tensions flared in the region, Brent crude saw a risk premium of $5-$10 per barrel added within days. This latest incident compounds existing supply fears after recent strikes, blamed on Iran, hit Saudi Arabia’s Manifa and Khurais oil fields. The attacks also damaged a key pumping station on the East-West Pipeline, which Riyadh has been using to bypass the Strait of Hormuz for its exports to the Red Sea. The pipeline's flows have been trimmed by roughly 700,000 barrels per day.
This article is for informational purposes only and does not constitute investment advice.
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