UKMTO reports incident in the Strait of Hormuz — Reuters

The UK Maritime Trade Operations (UKMTO) reported an incident in the Strait of Hormuz, according to Reuters on Tuesday. A company security officer informed the agency that a vessel sustained damage to its engine room and lost a crew member after being struck by an unidentified projectile while transiting the crucial waterway. The remaining crew members are now receiving assistance from the Omani coast guard.

As of now, West Texas Intermediate (WTI) oil is up 0.15% on the day, trading at $84.25 per barrel. WTI, a high-quality crude oil, is primarily sourced in the United States and distributed via the Cushing hub, known as "The Pipeline Crossroads of the World." The price of WTI is frequently quoted in the media and is influenced by factors such as global growth, political instability, wars, sanctions, OPEC decisions, the value of the US Dollar, weekly Oil inventory reports, and OPEC+ production quotas.