Oil rises as US renews naval blockade of Iran; Indians killed in missile attacks on tankers | Best Update | Today’s news
The US struck Iran early on Tuesday, hours after US President Donald Trump announced that the country would restore Tehran’s blockade of the Strait of Hormuz.
The announcement comes in the wake of renewed strikes on tankers in the Straits. Trump has announced that he is renewing the blockade of Iranian shipping in the Persian Gulf and that he will ensure that the strategic waterway of the Strait of Hormuz remains open, albeit for a fee.
Oil prices rose 2% to a four-week high on Tuesday as the US renewed its naval blockade of Iran while both countries stepped up attacks in the Strait of Hormuz, raising uncertainty over energy flows.
Quick answers to key questions
•5 QUESTIONS
The US has reimposed a naval blockade following recent attacks by Iran’s Islamic Revolutionary Guard Corps on vessels passing through the Strait of Hormuz, prompting US military strikes against Iran.
The renewed blockade sent oil prices higher, with Brent crude futures up sharply on heightened tensions and uncertainty over energy flows in the Strait of Hormuz.
US Central Command (CENTCOM) enforces restrictions on all vessels entering or leaving Iranian ports while continuing to support compliant commercial traffic in regional waters.
Iran opposes the US blockade and the proposed cargo charges, which it believes violates international law regarding navigation rights in the Strait of Hormuz and asserts its authority over the waterway.
Charging passage fees could violate global freedom of navigation norms, potentially escalating tensions and causing economic disruption at one of the world’s most important maritime hubs.
Read also | Trump will address the nation on Thursday amid escalating tensions between the US and Iran
Brent crude futures were up $1.68, or 2%, at $84.98 a barrel by 0051 GMT, according to Reuters, while U.S. West Texas Intermediate crude was up $1.65, or 2.1%, at $79.79 a barrel. Brent crude rose 9.6% in the previous session, the biggest daily gain since May 2020.
Oil prices are now the highest since the two countries signed a memorandum of understanding on June 17 to end the war.
The US renews the blockade
“The Strait of Hormuz is OPEN and will stay OPEN, with or without Iran. We are re-establishing the BLOCKADE OF IRAN,” Trump said earlier Monday on the Truth Social.
Trump’s move to toll free ship passage will break hundreds of years of American policy that has supported freedom of navigation around the world.
Any attempt by the nation to levy would run afoul of global norms on freedom of navigation, further raising tensions and causing economic disruption.
“We are protecting a very rich part of the world,” he said. “We’re spending money. And so what we’ve done is we’re going to be reimbursed for protection.”
Read also | Iraqi Prime Minister Al-Zaidi met with Trump in Washington today amid the US-Iran war
Trump will address the citizens of the United States on Thursday (local time), he revealed on his social media platform Truth Social.
“Tonight we’re making another very big attack (on Iran). They want to make a deal. They’re back. We made a deal 2 days ago… They’ve been negotiating for 47 years, but nobody’s ever hit them militarily. We’re hitting them very hard,” Trump said.
The U.S. Central Command said it launched strikes in Trump’s direction just after the U.S. president said on the Hugh Hewitt Show that Iran would be hit “very hard tonight and we’re going to hit them hard tomorrow. And there’s not a damn thing they can do about it.”
After Trump’s announcement, the United Arab Emirates’ Ministry of Defense said two of its oil tankers were hit by Iranian cruise missiles as they were passing through the southern lane of the strait in Omani territorial waters. The attacks resulted in the death of one crew member while another eight were injured.
The tankers hit; Indians are paying the price
The UK’s Maritime Trade Operations agency said the tanker was hit by an unknown projectile while traveling 40 nautical miles northeast of Oman’s Qalhat and that all crew were safe.
The UAE Defense Ministry also said early Tuesday (local time) that Iran had attacked two tankers in the Strait of Hormuz, killing one sailor and injuring eight others.
The person killed was an Indian, while six of the eight injured were also Indians and the other two were Ukrainians, according to the Emirati Ministry of Defence.
Iran fired two cruise missiles at the tankers Mombasa and Al Bahiyah, the Emirati Defense Ministry said.
Read also | Ships Cross Strait of Hormuz Secretly As US-Iran Conflict Intensifies: Report
“The UAE reserves the full right to respond to this escalation and take all necessary measures to protect its territory, its citizens and residents,” the Ministry of Defense added.
Bahrain also came under renewed attack early Tuesday morning as Iran retaliated for the latest round of US airstrikes. Bahrain set off its missile siren and urged the public to seek shelter. There was no word on any damage or casualties from the attack.
