Daily Market Wrap — 2026-07-23

Oil prices surged today as the Strait of Hormuz remained effectively closed, pushing Brent Crude to $100.5/barrel, a 5.57% increase, and WTI Crude to $101.7/barrel, up 5.31%. LNG also experienced a massive spike of 48.14%. The Disruption Index held at 99, reflecting sustained extreme market instability. The critical development was Iran's seizure of a Greek tanker near the Strait, coinciding with the twelfth consecutive night of US strikes on Iran. This escalation, alongside a confirmed Houthi blockade on Saudi ports diverting Red Sea traffic and the Caspian Pipeline Consortium halting Kazakh oil loadings due to drone attacks, drastically tightened supply. A third tanker was struck in Hormuz within 24 hours, confirming severe disruption to commercial shipping. Tomorrow, markets will closely watch US-Iran rhetoric and military actions, particularly regarding any attempts to reopen the Strait of Hormuz.

Price snapshot

Top movers

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Related news

• Iran Seizes Greek Tanker Near Strait of Hormuz — Iran has seized a Greek-owned tanker near the Strait of Hormuz, the third such incident involving vessel captures by Iran since the regional conflict began. This act further underscores heightened tensions in the critical chokepoint for global oil supply. Market pricing suggests a low probability of traffic normalization in the strait by August 31.
• US Continues Strikes on Iran for 12th Night as Oil Trade Threats Deepen — The US has launched its 12th consecutive night of strikes on Iran, with President Trump stating the US is "not finished" attacking Iran. This ongoing military action is contributing to deepening threats to global oil trade, particularly in the Strait of Hormuz, where shippers remain reluctant to transit despite US assurances.
• Strait of Hormuz Remains Effectively Closed, War Risk Insurance Soars — The Strait of Hormuz is effectively closed to commercial shipping for the 144th day, with only 17% of pre-crisis transit volume recorded on July 19. War risk insurance premiums for tankers are now 8 times normal rates, with some P&I clubs withdrawing cover. This sustained closure severely impacts global oil supply chains.
• Second Tanker Abandoned Near Strait of Hormuz After Projectile Strike; Commercial Shipping Severely Disrupted — A second commercial tanker was abandoned near the Strait of Hormuz after a projectile strike caused engine-room damage, forcing crew evacuation. This incident follows earlier attacks, contributing to the strait being effectively closed to most commercial shipping for 144 days. War-risk insurance premiums have surged to 8.0x normal, and commercial transit is at 17% of pre-crisis volume.
• Houthi Blockade on Saudi Ports Confirmed, Tankers Divert from Red Sea — A broadcast obtained overnight confirms a Houthi ban on any vessel loading or discharging at a Saudi port. Five tankers carrying approximately 3.8 million barrels of Saudi-origin cargo have already reversed course approaching Bab-el-Mandeb. A Chinese oil tanker, the VLCC Xin Long Yang, also reversed course in the Red Sea following Houthi threats.
• Caspian Pipeline Consortium Halts Kazakh Oil Loadings Due to Drone Attacks — The Caspian Pipeline Consortium (CPC) has ceased accepting oil from Kazakhstan and suspended loadings at its Novorossiysk terminal after drone attacks targeted tankers. This disruption affects approximately 1.7 million barrels of crude per day, representing over 1% of the world's oil supply. The current operational capacity at the terminal is less than 70%.
• Third Tanker Struck in Hormuz in 24 Hours; US Blockade Active — A Kuwaiti state tanker was struck near Limah, Oman, overnight, marking the third tanker hit in 24 hours. The Strait of Hormuz is under a US blockade, with traffic routing primarily through the northern corridor. An OFAC-designated tanker was involved in sanctions-evasion staging off Chabahar port.
• EU Nears Deal to Allow Russian LNG Shipping to Third Countries, Extends Oil Price Cap — EU countries are close to an agreement on a new sanctions package that includes an exemption allowing EU-based companies to continue transporting Russian liquefied natural gas (LNG) to non-EU destinations for 12 months, capped at 2025 levels. The deal also extends the Russian oil price cap at $44.10 per barrel for one year.
• OFAC-Designated Tankers Engage in Sanctions Evasion at Iran's Chabahar Port — An OFAC-designated tanker conducted a bunkering rendezvous off Chabahar port, while another vessel changed its destination to Iran after months of European port calls. This activity is consistent with sanctions-evasion staging, highlighting ongoing efforts to circumvent international oil sanctions against Iran.
• Brent Crude Surges Above $95/Barrel as Middle East Conflict Escalates — Brent crude oil futures have surged above $95 per barrel, reaching this level for the first time since June 11, driven by escalating geopolitical risks in the Middle East. WTI crude oil futures also rose significantly, with a 4.3% surge reported today. The ongoing US-Iran military conflict and threats to shipping lanes are fueling fears of a severe physical supply shock.
• US Conducts 11th Night of Strikes on Iran; Trump Threatens Infrastructure for Ship Attacks — US Central Command has completed its 11th consecutive night of strikes on Iranian military targets, including aircraft hangars and drone storage, aimed at degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz. President Trump has warned that the US could strike Iranian energy facilities or other infrastructure for every ship attacked. Iran has denied the existence of secret nuclear facilities and vowed retaliation.
• US Launches 11th Night of Strikes on Iran, Trump Warns of Infrastructure Attacks — The United States carried out its eleventh consecutive night of strikes on Iranian military facilities, with air defenses reportedly active over Tehran. President Trump issued a warning that the US would destroy one Iranian bridge or power plant for each attack on ships in the Strait of Hormuz, signaling a significant escalation of the conflict.

Frequently asked questions

What moved oil prices today?

LNG led with a +48.14% move.

What is the current Strait of Hormuz status?

US-Iran Conflict Escalates, Strait of Hormuz Effectively Closed, Oil Surges

What is the Disruption Index?

Currently 99, up 0 vs prior reading.