Hormuz Oil Tanker Explosion Rocks Global Markets Amid US-Iran Diplomatic Shift

A massive oil tanker has exploded in the Strait of Hormuz after hitting a mine, according to the Iranian state's semi-official Tasnim news agency.

The vessel reportedly strayed from a route dictated by Iran and was struck after negotiations between the US and Iran paused bombing campaigns. The incident comes after US President Donald Trump called off a series of strikes in favor of 'diplomacy'.

Talks are ongoing to find a permanent end to the conflict between the two nations, with Trump's ambassador to the UN, Mike Waltz, stating that the President has given negotiations some space. The Strait of Hormuz is a vital trading route in the international oil trade, and its closure sent shockwaves through the global economy.