US Hits Three Iranian Oil Tankers, Reviving Fears Over Hormuz Supply

The United States struck three Iranian oil tankers on September 5, according to the Financial Times, in response to attacks on US warships. The move marks a renewed escalation in a conflict around the Strait of Hormuz that had been paused for roughly six months. The timing matters for oil markets. Piper Sandler raised its second-half 2026 Brent crude forecast to $90 per barrel, a call that lines up with the fresh military activity around one of the world's most important oil shipping routes. Roughly a fifth of global oil supply passes through the Strait of Hormuz, and any disruption to tanker traffic there tends to move prices quickly. Separately, US envoys Steve Witkoff and Jared Kushner landed in Moscow for talks aimed at ending the war in Ukraine, and Russia reportedly halted attacks on Kyiv during the visit. The contrast is notable: diplomacy advancing on one front while military action escalates on another. What remains unresolved is whether the tanker strikes trigger retaliation that further threatens shipping through Hormuz, which would be the key trigger for oil prices to test Piper Sandler's new forecast.