The war with Iran sent oil prices spiking as the vital Strait of Hormuz was shut to the massive oil tanker traffic that navigates it each day in normal times. Now that peace appears near, prices for oil have fallen back to near pre-war levels.
The fall has been complicated somewhat by an attack on a Singapore-flagged tanker yesterday by what was alleged to have been an Iranian drone. It has been reported that the Iranians were angry that the tanker passed through the Strait outside of Iran’s designated transit zone.
BREAKING NOW: New details on Iranian drone attack on cargo ship in Strait of Hormuz pic.twitter.com/9o2wxq71iY
— Larry Dean (@larry_mcwethy) June 26, 2026
An Iranian attack targeted a Singaporean ship, and Tehran warned maritime traffic:
“Stay out of our routes… you alone will bear the responsibility.” pic.twitter.com/BbHE15ipgE
— Iran Force (@IranArmystan_) June 26, 2026
