Oil Prices Rise After Iran-Linked Strait of Hormuz Ship Strikes
Iranian officials said they are using new tactics against ships as Brent crude rose 0.5% to $106.24 a barrel.
- On Wednesday, a tanker and a container ship were hit by projectiles of unknown origin in the Strait of Hormuz, the United Kingdom Maritime Trade Operations reported.
- Iran has maintained a blockade of the strategic waterway since the start of the regional conflict, repeatedly warning vessels against transiting the strait without its approval.
- The Revolutionary Guard Corps navy stated Wednesday that a cargo ship sank after hitting a naval mine, claiming the vessel traveled on an "unauthorised and dangerous route."
- Global oil prices climbed Wednesday as supply concerns intensified, with analysts projecting West Texas Intermediate to trade between $90 and $100 a barrel.
- Market strategist Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said "supply concern stemming from conflict between the Houthis and Saudi Arabia" is driving prices higher, though Russian diesel exports could moderate movement.
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118 Articles
A cargo ship sank on Wednesday after hitting a mine in the Strait of Hormuz, Iran's Revolutionary Guard said, reports the Spanish news agency EFE.
Iran Says Cargo Ship Sank after Hitting Naval Mine
A cargo ship has sunk after hitting a naval mine in the Strait of Hormuz, Iran's Revolutionary Guard Corps navy said. It was the first time Iran has reported a ship sinking after hitting a mine during the war. There were few details, including about the fate of the crew. State TV quoted a Guard statement as saying that the ship was traveling on what it called an illegal and dangerous route when it hit the mine Wednesday morning. It said the ship…
The cargo from a 50,000-ton container ship that sank in the Strait of Hormuz after being hit by a missile or mine has been looted by small boats. The fate of the crew of the ship, which was struck while sailing under US protection, is still unknown.
IRGC: 'A container ship carrying contraband, which was attempting to pass through an unauthorized and dangerous route in the Strait of Hormuz, exploded and caught fire after striking a naval mine. This ship, carrying over 2,500 containers, sank this morning in the waters south of the Strait of Hormuz due to the intensity of the fire...Local vessels and fishermen should exercise the utmost caution when navigating this route to avoid collisions with floating containers.'
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