Oil rebounds after reported strike on cargo vessel off Oman near the Strait of Hormuz

Oil prices reversed earlier declines after reports that a cargo vessel was hit by an unknown projectile off Oman near the Strait of Hormuz, an incident confirmed by the UK Maritime Trade Operations. Several freighters reportedly turned back, and maritime intelligence firms said broadcasts attributed to the Iranian navy warned ships not to transit the strait. The renewed disruption risk followed signs of easing supply strains after vessel traffic resumed through Hormuz and Saudi shipments moved toward Ras Tanura. The shift in sentiment pushed August WTI crude and August RBOB gasoline futures into positive territory on the day.