{"id":64353,"date":"2026-07-07T05:38:16","date_gmt":"2026-07-07T09:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-surge-following-missile-attacks-on-lng-tankers-in-strait-of-hormuz\/64353\/"},"modified":"2026-07-07T05:38:16","modified_gmt":"2026-07-07T09:38:16","slug":"oil-prices-surge-following-missile-attacks-on-lng-tankers-in-strait-of-hormuz","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-prices-surge-following-missile-attacks-on-lng-tankers-in-strait-of-hormuz\/64353\/","title":{"rendered":"Oil Prices Surge Following Missile Attacks on LNG Tankers in Strait of Hormuz"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">Oil prices<\/a> rose 1.5%<\/strong> to approximately <strong>$73 per barrel<\/strong> for Brent crude after Iranian forces fired missiles at two commercial vessels, including a Qatari-owned LNG tanker, in the strategic <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>)<\/strong> received a <strong>Buy rating<\/strong> and a <strong>$200 price target<\/strong> from Citigroup (<a href=\"\/stock\/C\">C<\/a>), with analysts highlighting the company&#39;s dominant position in launch economics and its burgeoning satellite internet business.<\/li>\n<li><strong>Explosions rocked Damascus<\/strong> during a historic visit by French President <strong>Emmanuel Macron<\/strong>, the first major Western leader to visit Syria since the 2024 fall of the Assad regime.<\/li>\n<li><strong>Hong Kong Exchanges and Clearing (<a href=\"\/stock\/0388.HK\">0388.HK<\/a>)<\/strong> reported a robust June with average daily turnover reaching <strong>HK$319.1 billion<\/strong>, a 39% year-over-year increase driven by a surge in IPO activity.<\/li>\n<li><strong>Hanwha Aerospace (<a href=\"\/stock\/012450.KS\">012450.KS<\/a>)<\/strong> unveiled South Korea&#39;s first domestically developed <strong>long-life UAV engines<\/strong>, a critical step toward reducing reliance on foreign defense technology and bypassing export restrictions.<\/li>\n<\/ul>\n<h2>Energy Markets and Geopolitical Tensions<\/h2>\n<p>Global energy markets are on high alert following reports from <strong>Iranian state television<\/strong> that an LNG tanker was attacked after allegedly ignoring warnings in the <strong>Strait of Hormuz<\/strong>. The vessel, identified as the Qatari-owned <em>Al Rekayyat<\/em>, reportedly suffered a fire in its engine room but all crew members are safe. This escalation comes as indirect security talks between the U.S. and Iran in Doha stalled, leading to a <strong>1.5% jump in oil prices<\/strong> as traders price in renewed maritime risks.<\/p>\n<p>In Syria, <strong>two explosions<\/strong> targeted the heart of Damascus just as French President <strong>Emmanuel Macron<\/strong> met with Syrian President <strong>Ahmad al-Sharaa<\/strong>. While Macron was reported safe at the presidential palace, the blasts near his hotel wounded at least 18 people, underscoring the fragile security environment as the new Syrian government seeks Western investment for reconstruction.<\/p>\n<h2>Financial Sector and Market Performance<\/h2>\n<p>The <strong>Hong Kong Stock Exchange (HKEX)<\/strong> saw significant momentum in June 2026, with turnover hitting <strong>HK$319.1 billion<\/strong>. The exchange has benefited from a revitalized IPO market, raising <strong>HK$210.2 billion<\/strong> in the first half of the year, a <strong>92% increase<\/strong> compared to 2025. This surge reflects growing investor confidence in Asian equities despite broader global volatility.<\/p>\n<p>In the currency markets, the <strong>Euro<\/strong> is expected to remain in a narrow trading range against the <strong>U.S. Dollar<\/strong> throughout the summer. Analysts at <strong>The Wall Street Journal<\/strong> suggest that while geopolitical tensions often drive safe-haven flows to the dollar, the current European economic outlook is providing enough support to prevent a significant breakout in either direction.<\/p>\n<h2>Aerospace and Industrial Developments<\/h2>\n<p><strong>SpaceX (<a href=\"\/stock\/SPCX\">SPCX<\/a>)<\/strong> continues to capture Wall Street&#39;s attention following its record-breaking IPO. <strong>Citigroup<\/strong> joined the bullish chorus with a <strong>$200 price target<\/strong>, joining <strong>Morgan Stanley<\/strong> and <strong>UBS<\/strong> in valuing the company&#39;s integrated &quot;orbital compute&quot; and launch stack. Analysts believe SpaceX&#39;s ability to lower launch costs to <strong>$200 per kilogram<\/strong> via Starship will be a &quot;game-changer&quot; for the global telecommunications and AI industries.<\/p>\n<p>Meanwhile, <strong>South Korea<\/strong> reached a major aviation milestone as <strong>Incheon International Airport<\/strong> became the fastest in history to surpass <strong>1 billion cumulative passengers<\/strong>, achieving the feat in just over 25 years. On the defense front, <strong>Hanwha Aerospace<\/strong>&#39;s unveiling of 5,500-pound turbofan and 1,400-horsepower turboprop engine prototypes marks a shift toward sovereign &quot;K-defense&quot; capabilities, aiming for an <strong>85% localization rate<\/strong> in aircraft components.<\/p>\n<h2>European Industrial Challenges<\/h2>\n<p>Surging electricity prices continue to hammer the <strong>European steel industry<\/strong>, forcing major producers to curtail output. The <strong>EU carbon permit auction<\/strong> recently cleared at <strong>\u20ac80.11 per tonne<\/strong>, adding further cost pressure to an industry already struggling with high energy overheads. Steelmakers are increasingly calling for a guaranteed industrial electricity price of <strong>\u20ac50-\u20ac60\/MWh<\/strong> to prevent the permanent loss of manufacturing capacity to regions with lower energy costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Oil prices rose 1.5% to approximately $73 per barrel for Brent crude after Iranian forces fired missiles at 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