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Today The reopening just faced its most serious test: Iran struck the Qatari LNG tanker Al-Rekayyat near the Strait of Hormuz and a second vessel was hit by a projectile, and the U.S. revoked Iran’s oil-sale license in response. Oil jumped — Brent settled +3% at $74.16 and popped to $76 after hours, WTI to $70.44 — but stayed near four-month lows. The supply picture is still bearish: OPEC+ approved a 188,000 bpd quota increase and Saudi Aramco cut Arab Light to Asia by $11, its first discount since 2020. Hormuz traffic keeps recovering, with supertankers exiting via a route near Iran. AAA gas slipped to $3.790 as July 4th travelers got relief.
The reopening just faced its most serious test. Iran attacked the Qatari LNG tanker Al-Rekayyat as it transited near the Strait of Hormuz, and a second vessel was struck by an unidentified projectile with believed structural damage — reaffirming the fragility of the interim U.S.-Iran peace. Washington responded by revoking the license that had authorized Iran to sell its oil, stressing that the memorandum of understanding is “entirely performance-based.” Prices jumped: Brent settled 3% higher at $74.16 and popped to $76.04 after hours, while WTI advanced to $70.44 and then $72.25. Yet the striking thing is how contained the move was — crude remains close to its lowest levels since late February, because the supply picture is still firmly bearish. Over the weekend OPEC+ approved a 188,000 bpd quota increase, and Saudi Aramco cut its Arab Light price to Asian buyers by $11 a barrel to a $1.50 discount, the first time it has discounted the grade since the price wars of 2020 and 2015. Physical flows kept recovering too: at least eight Japan-linked ships, including five supertankers, exited Hormuz via a route near Iran. The market is now balancing a security risk that has abruptly re-rated higher against an unmistakable wave of returning supply. For drivers, the relief held into the holiday: AAA’s national average slipped to $3.790, giving July 4th travelers a break — though today’s spike is a reminder the direction could turn if the standoff escalates.
The reopening hit its most serious test. Iran struck the Qatari LNG tanker Al-Rekayyat near the Strait of Hormuz and a second vessel was hit by a projectile, and the U.S. revoked Iran’s oil-sale license in response. Oil jumped — Brent settled +3% at $74.16 and popped to $76 after hours, WTI to $70.44 — reintroducing a supply risk the market had largely written off.
Yet crude stayed near four-month lows. The supply picture is still bearish: OPEC+ approved a 188,000 bpd quota increase and Saudi Aramco cut Arab Light to Asia by $11 — its first discount since 2020. Physical flows kept recovering, with at least eight Japan-linked ships, including five supertankers, exiting Hormuz via a route near Iran. The market is balancing a re-rated security risk against an unmistakable wave of returning supply.
For drivers, the relief held into the holiday. AAA’s national average slipped to $3.790, giving July 4th travelers a break, with diesel below $5. Today’s spike is a reminder the direction could turn if the standoff escalates. Continuing coverage: oil · gas by state · geopolitics.
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