Revolutionary Guards say oil tanker exploded after striking mine in Strait of Hormuz
Key Facts
Iran's Revolutionary Guards navy said an oil tanker caught fire and exploded after striking a naval mine in the southern Strait of Hormuz, Reuters reported, citing Iranian media. The report comes amid attacks on shipping in the waterway, through which oil exports of nearly 20 million barrels per day passed in 2025, according to the International Energy Agency. Earlier coverage by Al Jazeera and Agence France-Presse had cited the Revolutionary Guards as saying two oil tankers caught fire after striking mines in the strait. According to that Iranian account, each tanker was carrying about 2 million barrels of oil. The Revolutionary Guards said the tankers were using a route not authorised by Iran.
The UK Maritime Trade Operations' weekly report recorded 12 attacks in the week ended 16 October 2026. The attacks were concentrated in the Strait of Hormuz, where the agency recorded 10 attacks over the same period. The report also recorded an attack in the Gulf and another in the Gulf of Oman, alongside those inside the strait. In incidents preceding the Iranian report, the Associated Press cited shipping officials as saying two Singapore-registered cargo vessels were struck by unidentified projectiles while transiting Hormuz. The Maritime and Port Authority of Singapore said no injuries were reported in either cargo vessel incident.
Energy flows through Hormuz include liquefied natural gas exports, alongside oil shipments that the International Energy Agency estimates at about 20 million barrels per day in 2025. About a fifth of global liquefied natural gas trade passed through the strait in 2024, according to the U.S. Energy Information Administration. Most of the LNG passing through the waterway that year came from Qatar, according to the U.S. agency. On alternative oil export routes, the International Energy Agency identifies Saudi and Emirati pipelines capable of bypassing the strait. The agency estimates available capacity on those pipelines at between 3.5 and 5.5 million barrels per day.
The International Energy Agency had warned of the fragility of the recovery in oil supplies, according to coverage published by Investing.com on 14 October 2026. The agency said "renewed attacks in the Gulf make the recovery fragile", referring to the risks posed by attacks to oil flows. It also warned that the attacks threatened the recovery in Middle Eastern exports recorded in September. In the same coverage, the agency forecast that global oil demand would fall by 2.6 million barrels per day during 2026. Its forecast for declining demand came against a backdrop of war-related disruptions, higher prices and a weak economic outlook.
In oil markets, Brent futures ended the week to 16 October 2026 higher, according to a report published by Investing.com that day. Brent's weekly gains totalled 4.8%, ahead of the new report attributed to Iran's Revolutionary Guards navy. U.S. West Texas Intermediate crude futures posted a larger gain of 10.9% over the same week. In early Asian trading covered by a Reuters report published on 19 October 2026, West Texas Intermediate crude stood at $101.18 per barrel. U.S. crude was down 23 cents, or 0.23%, in that trading.
On the diplomatic front, Reuters on 18 October 2026 cited Abbas Araghchi as outlining an Iranian proposal to reopen the Strait of Hormuz. Araghchi said Washington's acceptance of Tehran's conditions could allow the waterway to reopen within 6 days. He linked that to the possibility of talks resuming the following day, as part of the conditional sequence he outlined. Tehran's demands include lifting the U.S. blockade of Iranian ports, according to Reuters' diplomatic report. The prospect of reopening the strait in Araghchi's remarks remained contingent on the United States accepting Iran's conditions.