ICYMI: Iran fires on cargo ship in Hormuz strait, UN halts evacuation as oil price bounce

Oil prices rebounded after Iran fired on a Singapore-flagged cargo ship near the Strait of Hormuz, renewing concerns that tanker traffic through the key chokepoint could again be disrupted. The UN’s maritime agency paused its evacuation plan for stranded ships and seafarers, underscoring how quickly the situation has worsened. WTI and Brent both rose more than 2% as traders moved to cover short positions and buy back oversold crude. The article highlights that Gulf storage is only 50%–60% full, so a prolonged disruption could force producers to cut output and delay a full supply recovery into next year. Market sentiment turned sharply more risk-prone for oil after hopes of a fragile U.S.-Iran understanding were challenged by renewed regional tensions, including disputes over possible strait fees and broader Middle East flashpoints.