An oil supertanker sank after hitting a mine in the Strait of Hormuz on Friday marking a violent escalation in regional maritime transit disputes.
The incident unfolded as three tankers caught fire following separate mine strikes in the critical waterway, The Telegraph reported. Tehran maintained that the vessels had ignored official warnings and ventured into restricted navigation zones.
The Islamic Revolutionary Guard Corps Navy said that the targeted vessels were utilizing unauthorized and dangerous transit corridors. According to state media cited by Reuters, maritime traffic through the strait has faced mounting disruptions, with authorities reporting mine explosions nearly every day over the preceding month.
Mohammad Bagher Ghalibaf, Iran’s top negotiator and Parliament Speaker, told Al Jazeera in an interview that transit conditions in the waterway had fundamentally shifted.
“There are no ‘free waters’ [international waters] there, and the 1982 [UN Convention on the Law of the Sea] does not apply to the strait … The regulations within the Strait of Hormuz are governed by the laws of the two littoral states that border it,” Mohammad Bagher Ghalibaf told Al Jazeera.
Brent crude settlements shifted through the week, moving from $91.49 on Tuesday, November 10, to $92.76 on Wednesday, November 11, before climbing to $95.82 on Thursday, November 12, and settling at $95.84 on Friday, November 13, according to market data cited by MLQ.ai.
Despite the persistent attacks on regional shipping lanes, broader supply figures have shown a complex recovery pattern. The International Energy Organization noted in its November Oil Market Report that global supply rose by 2.3 million barrels a day to reach 105.4 million barrels per day in October, temporarily outpacing demand for the first time since the onset of the conflict. However, Gulf exports excluding Oman remained 26% below pre-war levels.
U.S. President Donald Trump addressed the diplomatic stalemate on Thursday, November 12, stating, “We don’t need a deal with Iran” and adding that “Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!”
Freight rates for Middle East crude bound for Asia held near record highs through October, showing the persistent premium demanded by shipowners operating in the volatile zone. Meanwhile, the U.S. Energy Information Administration projected in its November outlook that Brent crude prices will average around $100 a barrel through November and December.
