Iran’s claim that two tankers were destroyed by mines in the Strait of Hormuz marks a significant escalation from strikes and blockade enforcement to direct sabotage of vessels attempting the transit, and it will likely be read by oil markets as confirmation that safe passage…
rough the strait can no longer be assumed. A minefield claim, on top of the naval blockade both sides have already been enforcing, raises the prospect of underwriters pulling back cover or demanding sharply higher war-risk premiums for the route, which could choke off transits even for vessels willing to run the gauntlet
Given the strait’s roughly one-fifth share of global oil trade and inventories already described as historically tight, confirmation or further incidents of this kind would likely extend the rally that has already pushed Brent above $90, with the risk skewed toward further upside until safe passage is restored or verifiably clarified. Earlier: UKMTO have received information from a verified source that a vessel is on fire, Strait of Hormuz Brent tops $90 as US, Iran attacks intensify across Middle East – where we’re at Summary: Iran’s Revolutionary Guards said two oil tankers attempting to transit the southern route of the Strait of Hormuz overnight detonated mines and were destroyed, according to Tasnim The IRGC said the vessels were prevented from proceeding after hitting what it described as an Iranian minefield The IRGC declared “this is our land” and warned that the route will not be safe for petrochemical products or any oil and gas transit as long as US actions in the region continue The statement extends Iran’s prior warnings that it targets vessels it says violate its rules for navigating the strait, alongside the US naval blockade already being enforced on Iranian ports Iran’s Revolutionary Guards said two oil tankers attempting to transit the southern route of the Strait of Hormuz overnight struck mines and were destroyed, according to Tasnim, marking a sharp