Iran’s Islamic Revolutionary Guard Corps (IRGC) reported on Monday that two oil tankers exploded and were immobilized in the southern Strait of Hormuz.
The military group stated the vessels were attempting to transit what it described as an unsafe southern route, ignoring prior warnings to use approved channels.
This marks a significant escalation in the ongoing shipping crisis, moving from threats and diplomatic friction to direct kinetic action against commercial vessels.
The incident has triggered immediate repricing in energy markets.
Brent crude climbed sharply in early trading, extending gains from the previous session where prices hit a June high amid stalled tanker traffic.
The market is now pricing in a tangible risk of supply disruption through the world’s most critical oil chokepoint, where roughly a fifth of global oil consumption passes daily.
Shipping equities and freight indices are under pressure as operators face heightened uncertainty over route safety and insurance costs.