Iran says five tankers have now caught fire in Hormuz as its army reports another mine strike

Iran’s Army Navy said a tanker that it described as violating the rules caught fire after hitting a naval mine in an unsafe area east of the Strait of Hormuz³. Five oil tankers and a tugboat have caught fire in the Strait, Iran’s Revolutionary Guards and army said in separate statements². In all, Iran reported three more tankers damaged in the Strait on Thursday¹.

The Revolutionary Guards said on Thursday that “another supertanker was halted by a massive fire”⁴. Earlier the same day, the Guards had said two tankers and a tugboat caught fire after using “unauthorized routes”^6,8.

The Iranian claims remain unverified⁵. Iran’s reports made clear that shipping through the Strait would remain in peril¹.

Why it matters to investors

Iran has severely curtailed shipping through the Strait of Hormuz throughout the war, roiling energy markets¹⁰. Even so, oil prices hit a two-month low following the decisive midterm election results¹⁰. Oil then rose as investors weighed uncertainties around the Iran war⁹.

The coverage gives two different pictures of the waterway. Crude shipments through the Strait, which carries most Gulf oil supplies, have recovered to close to pre-war levels⁹. Iran’s own statements, by contrast, describe a growing list of burning and damaged ships^1,2. Because the Iranian claims have not been verified, the scale of the damage cannot yet be confirmed from the reports⁵.

Tehran has not concealed its satisfaction that the consequences of its blockade of the Strait have become a domestic political issue in the United States¹¹.

What to watch

Iran’s leaders are tying the shipping campaign to US politics after the midterm vote^1,11. Ghalibaf, who has led Iran’s negotiations with Washington, warned the US government against disregarding voters’ message by launching further strikes⁷.

The Guards said the ships that caught fire had used routes that Iran deems unauthorized^6,8, while the army described the area where the latest tanker hit a mine as unsafe³. Those descriptions signal which routes Tehran is treating as off limits^3,8.

For oil markets, the measure is whether flows through the Strait, which had recovered to close to pre-war levels, fall back as the reported incidents mount^1,9. Price moves on Thursday showed traders balancing the election result against the war risk^9,10.