Two Tankers Catch Fire Hitting Mines in Strait of Hormuz as Oil Surges Past $109

On October 17–18, 2026, Iran's Islamic Revolutionary Guard Corps Navy claimed two oil tankers caught fire after striking naval mines in the Strait of Hormuz, with both vessels reportedly carrying approximately 2 million barrels of crude oil combined. According to IRGC statements, the tankers had switched off their positioning and radar systems and attempted to use unauthorised transit routes through the strategic waterway. One vessel was left immobilised after the strike; both were reported engulfed in fire. No independent confirmation was available and Iran's claims could not be verified. The incidents unfolded during a major ongoing crisis in the strait: commercial vessel transits had collapsed by roughly 97%, from a pre-crisis baseline of about 85 daily transits to just 2 transits recorded on October 11. Iran declared the waterway closed, while the US military maintained that most ships were crossing safely despite continuing attacks. Around 169 AIS-tracked vessels were holding position away from berths in the strait and Gulf area, awaiting safe passage. Oil markets reacted sharply: Brent crude jumped to $109.86 per barrel, a gain of 3.72% in the preceding trading session, while West Texas Intermediate reached $101.41. No diplomatic progress occurred; Iran's conditions for reopening the strait remained unmet, with no agreed timeline. The crisis, linked to US-Iran confrontation and the broader regional conflict, continued to disrupt global energy supply chains and drew urgent attention from governments and financial markets worldwide.