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Iran says two oil tankers caught fire after hitting mines in the Strait of Hormuz

Iran's Revolutionary Guards claim the vessels tried to use an unauthorised route through the strait. The tankers have not been named and there was no independent confirmation of the incident.

Iran says two oil tankers caught fire after hitting mines in the Strait of Hormuz

Iran's Islamic Revolutionary Guard Corps (IRGC) said on Saturday that two oil tankers caught fire after striking naval mines in the Strait of Hormuz, in the latest reported incident in the strategic waterway.

According to Iran's official news agency IRNA, the two vessels were together carrying about two million barrels of crude oil. Iranian state media said the first tanker set off an explosion and a large fire, while the second was left immobilised after hitting a mine.

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Iran's account

IRNA said the ships had switched off their positioning and radar systems and were trying to cross by a route Iran had not authorised. The IRGC also claimed that one of the tankers was attempting the crossing with US support. Earlier in the week, the IRGC's naval commander had warned that any vessel turning off its navigation systems would be treated as hostile.

The tankers' names, flags and owners were not disclosed, and no casualties were reported. Reuters said there was no independent confirmation of the Iranian account.

A dangerous fortnight for shipping

Attacks around the strait have risen sharply over the past two weeks. Iran says it is escalating in response to a US blockade of its ports and tighter sanctions imposed last month, while the United States has enforced its own naval blockade on Iranian oil exports. Earlier in the week, maritime officials said a container ship and a dry bulk carrier sank near the strait after being hit in separate incidents.

Tehran has required ships to seek its permission to transit since the US-Israeli war on Iran began in late February. Data from the analytics firm Kpler cited by Al Jazeera showed that traffic has dropped steeply, with about 2.9 million barrels of oil passing through on October 11 compared with around 20.8 million barrels on October 8.

Why it matters for India

Before the conflict, roughly a fifth of the world's oil consumption moved through the Strait of Hormuz, and a large share of India's crude and LPG imports normally travel this route. Each new incident adds to the risk premium on oil prices and freight and insurance costs, which feed directly into India's import bill, inflation and the rupee.

Sources: This report is based on information published by the following, written in our own words by the IBC Global Times desk.
Strait of HormuzIranOilShippingMiddle East
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