IRGC Attacks Togolese Oil Tanker in Strait of Hormuz, Prices Plummet

The Iranian Revolutionary Guard Corps (IRGC) has claimed responsibility for an attack on a Togolese oil tanker in the Strait of Hormuz, citing 'illegal transit' as the reason. The incident occurred 16 nautical miles northeast of Khasab, Oman.

The West Texas Intermediate (WTI) oil price dropped 1.12% to $96.40 on Thursday, following news of the security incident in the Strait of Hormuz. WTI is a type of crude oil sold on international markets and is considered a high-quality oil due to its low gravity and sulfur content.

The UK Maritime Trade Operations (UKMTO) reported receiving a report of the security incident. The decision by OPEC, a group of major oil-producing countries, can also impact WTI prices.