October 30, 2026 — COINOTAG

WTI crude oil touched $106.2 per barrel in Friday trading, its highest intraday level since mid-September, after Iran claimed that naval mines struck four tankers near the Strait of Hormuz.

According to the report, the spike came one day after the United States Central Command (CENTCOM) issued a declaration concerning the main transit lanes through the strait. Follow-up statements from CENTCOM and Iranian authorities about the reported mine strikes would be the reference points for establishing the confirmed details of the incident.

A Critical Energy Chokepoint

The Strait of Hormuz connects the Persian Gulf — the only sea passage from the Gulf to the open ocean — with the Gulf of Oman and is widely regarded as the world's most important oil transit chokepoint. Roughly one-fifth of global petroleum liquids consumption moves through the waterway, according to the U.S. Energy Information Administration. At its narrowest point, the strait is about 21 miles wide, with shipping lanes just two miles wide in each direction separated by a two-mile buffer, meaning any reported threat to shipping there has limited room for rerouting and becomes a focal point for energy markets.

Benchmark Background

WTI (West Texas Intermediate), traded under the ticker CL on the New York Mercantile Exchange (NYMEX), part of CME Group, serves as the leading U.S. crude benchmark alongside Brent; it is also the physical grade delivered against futures contracts at the Cushing, Oklahoma hub. Crude futures are broadly sensitive to geopolitical developments that could affect supply routes in the Persian Gulf, through which the bulk of Middle Eastern crude exports reach Asian and Western markets.

The region has a history of tanker security incidents. In 2019, attacks on tankers near the Strait of Hormuz and the Gulf of Oman set off sharp, short-lived moves in crude benchmarks.

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This article was first published on COINOTAG: WTI Crude Oil (CL) Hits $106.2 Intraday High on Iran Tanker Mine Claims