Seven Tankers Damaged in Persian Gulf as Oil Surges and Middle East Tensions Escalate

Crude benchmarks climbed sharply, with Brent topping $111 per barrel and WTI approaching $99 per barrel, after seven tankers were damaged or set ablaze overnight in the Persian Gulf and Strait of Hormuz. Iran's IRGC claimed four tankers were struck during northern Persian Gulf transfers, while three hit naval mines west of the Strait of Hormuz. The incidents bring October's total commercial vessel attacks to 28, a monthly conflict record. As risks mounted, spot tanker charter rates climbed into hundreds of thousands of dollars daily, and the U.S. moved to deploy a third aircraft carrier.