The tanker in question caught fire while passing through the Strait of Hormuz due to the explosion of two explosive devices that were attached to its hull. This incident occurred 25 nautical miles northeast of Khasab, Oman, and subsequently, Brent crude oil prices increased to $117 per barrel.
Details of the Incident and Its Impacts
According to received reports, the UK Maritime Trade Operations (UKMTO) announced that this tanker was exiting the Strait of Hormuz. In this incident, a small boat approached the left side of the tanker and attached two explosive devices to its hull. The explosions from these devices caused a fire in the tanker’s engine room and temporarily disabled the vessel.
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Fortunately, according to updated reports, the crew of the tanker is safe and no environmental impact from this incident has been reported. The fire has now been extinguished and the tanker continues on its route to the next port.
Geopolitical Impacts and Oil Market
Following this incident, tensions in the Middle East have risen again, affecting oil prices. Additionally, the Islamic Revolutionary Guard Corps (IRGC) announced on Thursday that four tankers in the Strait of Hormuz had hit mines, rejecting the U.S. Central Command's claim of clearing main shipping routes from mines.
These developments, along with ongoing attacks by the Houthis on Saudi infrastructure, have led to rising prices in the oil market. Oil prices are expected to rise for the fourth consecutive month. Given concerns over escalating tensions in Iran following the U.S. midterm elections on November 3, markets are under pressure.
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