Strait of Hormuz Tanker Fire Sparks Oil Price Surge

A tanker caught fire after hitting two naval mines in the southern Strait of Hormuz, according to Iranian state media. The Islamic Revolutionary Guard Corps claimed that the vessel was attempting to transit the strait illegally.

The IRGC stated that complying with their regulations for crossing the Strait is mandatory and warned that any other vessels that attempt to violate these rules would face the same fate.

The incident comes as hostilities reignited in the area over the weekend, pushing oil prices higher. As of early morning in Europe, Brent Crude had moved above $90 per barrel again, rising by 3% to $90.72, while the U.S. benchmark, WTI Crude, once again topped $85 per barrel, up 2.8% on the day.