Iran Strikes Two Oil Tankers in Strait of Hormuz as Energy Prices Hit Wartime Highs

Iran's Islamic Revolutionary Guard Corps struck at least two oil tankers in the eastern Strait of Hormuz on October 13, in what maritime authorities described as separate incidents within hours of each other. The Iranian Army Navy framed one vessel as having violated regulations, but the United Kingdom Maritime Trade Operations Centre confirmed that a tanker was hit by an unknown projectile, sparking a fire on board. UKMTO reported a second distinct incident the same day, and the UAE said it had rescued 22 crew members, all Indian nationals, following a tanker fire in the area.

The attacks are part of a broader IRGC campaign to choke off oil exports through the strait. More than a dozen strikes on commercial shipping have occurred since late September, and eleven tankers were struck in a single week ending October 4, the highest weekly toll since the Iran war began. Crude oil prices have remained above $100 a barrel as a result, with the volume of oil transiting the strait visibly reduced.

Energy markets beyond crude are also feeling the pressure. European natural gas prices climbed to their highest level since the Iran war began on October 13, driven by the Hormuz stand-off, a dispute between Washington and Kyiv over Russian diesel, and the onset of cold weather tightening supply across the continent.