Tankers Were Hit Again In The Strait Of Hormuz. Oil Is Soaring Further.

Oil prices are climbing again on Tuesday after two tankers were hit in the Strait of Hormuz and a report detailing that the Trump administration is considering renewed strikes against Iran.

Brent crude, the international benchmark, gained 4.42% and clocked in at $92.28 per barrel at 8:30 a.m., while West Texas Intermediate, the U.S. benchmark, climbed 1.87% and stood at $87.86 at the same time.

The two tankers in question were hit while seeking to exit the Persian Gulf, according to maritime security consultant Marisks.

Both were transiting near Oman. Iran has said that vessels can only pass through a route that has been approved by authorities and sought to struck those that don't.

In this context, the Trump administration is considering renewed strikes against Iranian forces, according to a new report.

The goal would be to prevent Iran from rebuilding radar and missile capabilities around the waterway. The plan, detailed by Axios, has been approved by Defense Secretary Pete Hegseth but is still being considered by President Donald Trump.

The White House reacted to the possibility, saying "the President retains all options at his disposal. The Iranians want to make a deal, but they are always a day late and a dollar short."

The possibility of launching the strikes surfaced after the U.S. Central Command (CENTCOM) detected Iranian efforts to rebuild capabilities, including the launching of an anti-aircraft missile toward a U.S. jet fighter that was providing coverage to ships in the waterway. CENTCOM told top officials that forces might have to strike Iran periodically to ensure the movement of ships through the strait.

Days prior, U.S. forces said they targeted two Iranian rocket launchers on Larak Island, claiming Iranian forces were getting ready to launch rockets carrying sea mines into the strait.

Trump then threatened Kharg Island, from which about 80% of Iran's oil export are shipped, sharing an AI-made video with a caption claiming it was "being blown to smithereens."

Iran, in turn, launched missiles at U.S. bases in Jordan, local media claimed. Forces said they "destroyed the technical and repair infrastructure, as well as the enemy fighter deployment sites."

Iranian President Masoud Pezeshkian said on Tuesday that Iran would reciprocate if Washington decided to go back to abiding by the memorandum of understanding signed by the countries in June. Trump, however, has rejected going back to negotiations in the past days.

At the same time, Treasury Secretary Scott Bessent said the U.S. will further escalate economic pressure against Iran this week. "This is going to be financial violence if we have to," he said. "We are showing people that we know who you are, you know who you are, and this has got to stop."