• WTI remains stronger after a suspected projectile attack on a cargo vessel near Oman threatened global shipping routes.
• UN’s International Maritime Organization suspended shipping guidance through the critical Strait of Hormuz following a suspected projectile attack.
• Rubio assured anxious Gulf allies that a finalized Iran agreement would fully safeguard their regional security interests.

West Texas Intermediate (WTI) gains ground for the second successive day, trading around $71.50 per barrel during the Asian hours on Friday. Crude oil prices surge following a suspected projectile attack on a cargo vessel near Oman, which abruptly halted United Nations (UN) evacuation efforts in the vital Strait of Hormuz and renewed anxieties over the global energy supply.

The UN’s International Maritime Organization suspended its operations to safely guide ships and seafarers through the critical corridor, sparking widespread concern that a preliminary agreement to end the war with Iran may be on the verge of collapse.

The geopolitical friction intensified after Thursday's market close when two US officials reported that Iranian forces had fired on the cargo ship as it attempted to navigate the strait. In response, Iranian authorities issued a stark warning, stating that the security of any vessels traveling outside designated Hormuz shipping routes is no longer guaranteed.

This escalation coincided with the conclusion of US Secretary of State Marco Rubio’s diplomatic tour of the Middle East. Aiming to ease deep-seated skepticism over the preliminary accord, Rubio assured nervous Gulf allies that any finalized agreement with Iran would fully protect their regional security interests.