IRAN'S NAVY SAYS OIL TANKER CAUGHT FIRE AFTER HITTING NAVAL MINE IN EASTERN STRAIT OF HORMUZ

Iran's navy reported that an oil tanker caught fire after striking a naval mine in the eastern Strait of Hormuz, a chokepoint through which roughly a fifth of global seaborn oil flows. The incident transmits to prices primarily through the supply-risk channel, as traders reprice the probability of transit disruption and higher war-risk insurance premiums for Gulf-origin cargoes rather than any immediate loss of barrels. Crude benchmarks, particularly Brent and Dubai-linked grades, carry the most direct exposure, while tanker equities, marine insurers, and Gulf-state currency forwards face secondary pressure from elevated shipping and risk premia. Traders will be watching whether the Joint Maritime Information Center or the US Fifth Fleet confirms additional mine sightings or lane closures, and the weekly EIA inventory report for signs of whether Asian buyers are front-loading crude in anticipation of rerouting.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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