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Oil prices rise amid tanker spill near Oman and attacks in Gulf of Oman and Red Sea

Market News
12 Aug 2026
CNBC
View Source
Bullish
Oil prices rise amid tanker spill near Oman and attacks in Gulf of Oman and Red Sea

Oil prices increased as a massive oil spill from a leaking tanker near Oman's coastline spreads, threatening a nearby nature reserve. The tanker, carrying about 800,000 barrels of Russian oil under international sanctions, ran aground on June 30. Deadly attacks on vessels in the Gulf of Oman and the Red Sea have heightened concerns over supply disruptions. The International Energy Agency also reported a larger-than-expected drop in global oil demand this year due to the ongoing closure of the Strait of Hormuz, which continues to disrupt energy flows amid the conflict. Market experts warn that uncertainty over reopening the waterway could push oil prices higher in an already tight market.

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