Iran Targets Tankers Near Strait of Hormuz, Sparking Energy Market Fears

Several oil tankers sailing near the Strait of Hormuz were targeted by Iranian forces overnight from Wednesday to Thursday, escalating regional tensions and raising concerns about the stability of global energy supplies.

Reports indicate that two tankers were attacked off the Iraqi coast, leaving one person dead, while Iranian forces also set fire to a Thai cargo ship. During the same wave of attacks, Iranian drones reportedly targeted Dubai airport.

Officials say that around twenty vessels have been attacked in the region since the start of the conflict. Iran’s Revolutionary Guards warned they would “burn alive anyone attempting to pass through the Strait of Hormuz,” threatening further escalation.

The group also declared that if attacks on Iran continue, they would block oil shipments from the Middle East to the United States, Israel and their allies.

The situation has raised serious global concerns because the Strait of Hormuz normally carries about 20% of the world’s oil and liquefied natural gas exports. The disruption of this key shipping route has already led to significant volatility in global oil prices.

In response, the International Energy Agency (IEA) announced the release of 400 million barrels of oil from the emergency reserves of its 32 member states, aiming to ease supply shortages and stabilize global markets.

Source: Newstimehub