Naval Mines Hit Supertanker in Strait of Hormuz, Oil Prices Surge
A supertanker caught fire after hitting two naval mines in the Strait of Hormuz, according to Iranian state media. The vessel was attempting to transit the strait illegally, and Iran's Islamic Revolutionary Guard Corps (IRGC) warned that other vessels violating its security rules would face a similar fate.
The southern lane of the Strait of Hormuz has been used by ships trying to avoid the IRGC's rules for crossing the northern corridor, which Tehran controls. The incident comes as hostilities reignited in the area over the weekend, driving up oil prices.
As of early morning in Europe on Monday, Brent Crude prices had risen above $90 per barrel again, increasing by 3% to $90.72. Meanwhile, U.S. benchmark WTI Crude topped $85 per barrel, up 2.8% on the day.