Iran’s IRGC claims attack on Togolese oil tanker for 'illegal transit' in Strait of Hormuz

Iran's Islamic Revolutionary Guard Corps (IRGC) reported on Thursday that a Togolese oil tanker was hit while attempting an "illegal transit" through the Strait of Hormuz. The tanker subsequently came to a halt after igniting. The Iranian military emphasized their control over the vital waterway and vowed to prevent any aggressor from passing.

US President Donald Trump announced a significant decision regarding potential large-scale attacks on Iran, as the nation navigates a drawn-out conflict. UK Maritime Trade Operations disclosed a report of a security incident in the Strait of Hormuz, 16 nautical miles off Khasab, Oman. As of the latest update, West Texas Intermediate (WTI) oil slipped 1.12% to $96.40 per barrel.

WTI, a type of Crude Oil well-regarded for its quality and ease of refining, is primarily traded on international markets. The price of WTI, often seen as a benchmark for the Oil market, is influenced by factors such as global growth, political instability, wars, and sanctions. The value of the US Dollar also impacts WTI price, as Oil is primarily traded in US Dollars, making it more affordable when the Dollar weakens.

The weekly Oil inventory reports by the American Petroleum Institute (API) and the Energy Information Agency (EIA) play a crucial role in determining WTI price, with changes in inventories signaling shifts in supply and demand.