Two tankers hit by projectiles near Strait of Hormuz as G7 prepares oil reserve release

Projectile strikes near the Strait of Hormuz

Two commercial oil tankers sustained damage from unidentified projectiles in the region of the Strait of Hormuz on 2 October 2026, according to the United Kingdom Maritime Trade Operations (UKMTO). The first attack struck a tanker exiting the waterway, sparking a fire and causing a shipboard electrical blackout. Onboard crew members extinguished the flames, and the vessel resumed its journey without reported casualties or environmental contamination. UKMTO did not disclose the nationality, flag, or destination of the vessel. A second incident occurred 4 nautical miles (7.4 kilometres) east of Oman, where another projectile struck a tanker on its port side, similarly resulting in no reported casualties or ecological damage. TotalEnergies Chief Executive Patrick PouyannPatrick Pouyanné noted the ongoing commercial activity across the corridor.

There are more players ready to try to get out of the Strait of Hormuz and succeed.

Escalation and maritime adaptations

The Strait of Hormuz handled one-fifth of global hydrocarbon supplies before the conflict began with US and Israeli strikes against Iran in late February 2026. Following the initial bombardment, Tehran asserted authority over the waterway and disrupted commercial shipping, while Washington countered by enforcing a naval blockade against Iranian ports. Although US forces have not struck Iranian territory since 1 September 2026, sporadic attacks against commercial vessels have persisted. To bypass maritime hazards, regional producers turned to alternative infrastructure, including Saudi Arabia's East-West pipeline to the Red Sea and Iraqi tanker trucks using overland routes. Commercial vessels have also frequently switched off their transponders to avoid detection, while the US military has provided armed escorts for merchant ships navigating the strait.

Rebound in export volumes

Shipping activity in the corridor has experienced a substantial recovery heading into autumn 2026. Figures released on 1 October by maritime tracking service Kpler showed Middle East crude exports reached at least 16.5 million barrels per day in September. This volume represents a rebound from March 2026, when daily shipments through the strait dropped to 6 million barrels per day following the initial outbreak of hostilities. Agata Loskot-Strachota of the Centre for Eastern Studies observed that regional supply routes are regaining functionality.

We are at around 80% of pre-war export levels passing through the Strait of Hormuz, and that is good news.

G7 reserves and market pricing

Despite increased export volumes, crude prices remain elevated around $100 per barrel. On 2 October 2026, Group of Seven (G7) leaders agreed to release up to 100 million barrels of crude oil and diesel from strategic stockpiles over the next four months to relieve supply pressure. Following the announcement, Brent crude for December delivery decreased 0.06% to $102.25 per barrel, while West Texas Intermediate for November delivery fell 1.90% to $91.11 per barrel. Market analyst Alexandre Baradez of IG France recalled that crude dropped from $95 to $65 per barrel in June 2026 during a memorandum of understanding for peace negotiations. In broader regional conflict reporting, military engagements in Yemen's Taiz province left more than 80 people dead over 24 hours.