Strait of Hormuz shipping halts after Iranian missile strikes on tankers

Iranian missiles struck at least three commercial tankers in the Strait of Hormuz on July 7, 2026, including a Qatari LNG carrier left at risk of explosion. At least four vessels reversed course; Rystad Energy reports traffic has "essentially stopped." The chokepoint carries roughly 20% of global daily oil consumption. Brent crude rose 6% to above $78 a barrel—highest since June's ceasefire. European gas prices surged 5%. Shipping risk classification was raised to severe.