Iran Attacks Tankers, Oil Prices Spike, Hormuz Blocked

These attacks, including explosive-laden boats hitting the Safesea Vishnu and Zefyros, resulted in at least one fatality and multiple fires. Projectile strikes also damaged the Thai-flagged Mayuree Naree, leaving three crew members missing, and caused minor damage to the Japan-flagged ONE Majesty and Marshall Islands-flagged Star Gwyneth.

This surge in hostilities briefly pushed Brent crude futures above $100 per barrel, though prices later retreated to $96.50. The IRGC has explicitly warned that any vessel attempting to traverse the Strait of Hormuz, a critical chokepoint for one-fifth of global oil supply, is subject to attack, threatening oil prices could reach $200 per barrel.

Despite President Trump's offer of US Navy escorts, the Energy Secretary confirmed such operations are not immediately feasible, as military assets are currently focused on degrading Iran's offensive capabilities. This ongoing instability, following joint US-Israel attacks on Iran, underscores severe geopolitical risks to global energy markets and supply chains.