At least three commercial tankers have been hit by unidentified projectiles near the Strait of Hormuz since October 1, adding to concerns over the safety of one of the world’s most important oil-shipping routes.
The latest incident took place early Saturday when a crude oil tanker was struck on its port side around four nautical miles off Oman, according to the UK Maritime Trade Operations (UKMTO).
Two other incidents were reported a day earlier. One vessel suffered a minor fire and lost power, while another crude tanker was struck nearby. The attacks come as Brent crude prices remain around $100 a barrel and the G7 has moved to release emergency oil reserves to contain the impact of soaring energy costs.
What happened to the tankers near Strait of Hormuz?
The latest tanker incidents have raised fresh concerns about commercial shipping through the strategic waterway. On Thursday, Iranian state news agency Fars reported that a supertanker carrying around 2.5 million barrels of crude caught fire off Oman. The agency claimed the vessel had been using a route that was not authorised.
UKMTO has described the recent incidents as a significant increase in attacks affecting commercial vessels in and around the Strait of Hormuz.
Iran claims several tankers were targeted
Iran has presented a different account of the incidents. Iranian state media, citing the Persian Gulf Strait Authority, said seven tankers had been targeted over a five-day period. It identified AL RUWAIS, SINBAD and MERSIN PROSPERITY as repeat violators and claimed they were owned or chartered by the UAE.
Iranian broadcaster IRIB also reported an explosion involving a tanker in the strait. According to its sources, the vessel had switched off its tracking system after entering the waterway.
The warnings from Tehran have also become more direct. Revolutionary Guard spokesman Brigadier General Hossein Mohebbi said vessels entering the waterway without Iran’s permission could face attack or risk hitting mines.
US rejects Iran’s claim over Strait of Hormuz
Washington has rejected Tehran’s assertion that it controls access through the strategic waterway. US Defence Secretary Pete Hegseth said Iran does not control the strait and claimed that American forces do. He described the US blockade as “ironclad” while maintaining that shipping activity continues at near pre-war levels during nighttime hours.
The competing claims have added another layer of uncertainty for shipping companies operating in the region.
G7 announces 100 million barrel emergency oil release
With disruptions threatening global fuel supplies, G7 leaders have agreed to coordinate the release of 100 million barrels of oil through the International Energy Agency.
The four-month programme is intended to begin immediately and includes a substantial release of diesel during its first 20 days. The G7 said members could consider additional diesel measures if market conditions require them.
The group also agreed on several measures to support fuel availability:
- Coordinate refinery maintenance to avoid simultaneous shutdowns
- Increase refinery production where capacity allows
- Avoid restricting energy-product exports between G7 members
The exact contribution from each country has not yet been specified.
Why are diesel prices rising?
Diesel prices have been particularly affected by tightening global supplies. Oil prices rose by more than $4 a barrel on Thursday, while the average US diesel price reached a record $6.50 per gallon, according to AAA.
Several factors are contributing to the shortage. Supplies from the Middle East to Europe have fallen, Russia has halted diesel exports following attacks on its refineries, and China has also reduced exports.
At the same time, demand remains elevated, particularly because of the agricultural harvest season. The US remains the world’s largest diesel producer and exporter, shipping roughly 1.26 million barrels per day, based on JODI and OPEC data.
Will the G7 oil release lower prices?
French President Emmanuel Macron said the emergency release should help reduce petroleum prices, particularly diesel. Financial markets initially responded positively, with Brent crude briefly falling below $100 a barrel following the announcement. However, prices later recovered to around $102.
The effectiveness of the G7’s intervention will depend largely on how long disruptions around the Strait of Hormuz and other major supply routes continue.
