Oil prices surge on reports US again considering Iran strikes

Iran's Islamic Revolutionary Guard Corps Navy reported on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were hit and caught fire after being tracked by its forces on Wednesday. Additionally, three more vessels collided with mines west of the Strait of Hormuz. The IRGC issued a warning to the US military, stating that continued provocations could lead to a wider response against its regional bases.

This announcement comes amid mounting tensions over shipping through the Strait of Hormuz, where Iran has stepped up attacks on vessels and sought to exert greater control since the United States and Israel launched strikes against Iran on February 28. The Strait of Hormuz carries about a fifth of global oil and liquefied natural gas trade, and Iranian threats and attacks have sharply reduced traffic through the waterway, driving up oil prices and raising concerns over further disruption to global energy supplies.

Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.