G7 Unleashes Massive Oil Release Amid Strait of Hormuz Tanker Attacks

The Strait of Hormuz has become a hotspot for tanker attacks, raising concerns about global oil supplies. Since October 1, at least three commercial tankers have been hit by unidentified projectiles near the strategic waterway.

The latest incident occurred on 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, with one vessel suffering a minor fire and losing power, while another crude tanker was struck nearby.

Iran has claimed that several tankers have been targeted in the strait, but its account differs from the UKMTO's. Iranian state media cited the Persian Gulf Strait Authority as saying seven tankers had been hit over a five-day period, with three of them allegedly repeat offenders owned or chartered by the UAE.

Iran has warned commercial ships to be cautious when entering the strait without permission, with Revolutionary Guard spokesman Brigadier General Hossein Mohebbi stating that vessels could face attack or risk hitting mines. The US, however, rejects Iran's claim of control over the strait, with Defense Secretary Pete Hegseth saying American forces do control the waterway and that shipping activity continues at near pre-war levels during nighttime hours.

As tensions rise, the G7 has announced a massive emergency oil release, coordinating 100 million barrels through the International Energy Agency. The four-month programme aims to begin immediately, with a substantial release of diesel in the first 20 days. This move is intended to mitigate the impact of soaring energy costs and disrupted supplies.