NEW YORK — Oil prices fluctuated on Saturday as tensions in the Strait of Hormuz escalated following reports of Iranian gunboats firing on a tanker and Iran’s reimposition of restrictions on the vital waterway, market participants said.
Benchmark prices, which had fallen sharply on Friday after Iran announced the strait would remain open during a truce period, showed renewed volatility amid the latest developments. The incident occurred hours after President Donald Trump reaffirmed that the U.S. naval blockade on Iranian ports would remain in place until a broader deal is reached.
The United Kingdom Maritime Trade Operations reported that two gunboats from Iran’s Revolutionary Guard Corps fired on a tanker about 20 nautical miles northeast of Oman without issuing a prior warning. Iran’s military declared it had returned the strait to “strict management and control,” citing the ongoing U.S. blockade, according to Iranian state media.
The Strait of Hormuz handles about one-fifth of global oil and liquefied natural gas shipments under normal conditions. Disruptions there have contributed to significant supply concerns in recent weeks, with tanker traffic already reduced.
On Friday, U.S. West Texas Intermediate crude futures for May delivery fell nearly 12 percent to close at $83.85 per barrel, while international benchmark Brent for June delivery dropped about 9 percent to $90.38 per barrel, following Iran’s earlier statement that the strait was open.
Earlier in the week, prices had climbed above $99 per barrel after the U.S. imposed the blockade on April 13 and talks between the United States and Iran stalled.
A trader at a major energy firm, speaking on condition of anonymity, said the market was reacting to “shifting signals from both sides on the strait’s status.” No precise figures for Saturday’s intraday moves were immediately available from major exchanges, which were closed for the weekend.
U.S. officials have described the blockade as targeting only vessels linked to Iranian ports, while allowing neutral transit through the strait. Iran has accused Washington of violating understandings related to a recent ceasefire arrangement.
As of Saturday evening, details on any damage to the tanker or further incidents in the strait remained unclear, according to maritime security reports. Shipping agencies continued to advise vessels in the area to exercise caution.
Market analysts noted that sustained restrictions could affect global supply flows, though exact impacts would depend on the duration and enforcement of any measures. No immediate comment was available from major oil producers or the U.S. Energy Information Administration on Saturday’s developments.
