"The US military said it attacked and destroyed 16 Iranian mine-laying vessels near the strait of Hormuz amid reports that Iran has begun laying explosive devices in the strategically vital waterway. Citing intelligence sources, CNN on Tuesday reported that Iran has laid a few dozen mines in the strait in recent days and has the capability to sow hundreds more."
"Iran's Islamic Revolutionary Guard Corps said earlier this week it will not allow even one litre of oil to leave the region if US-Israeli attacks continue. Oil shipments from the Middle East have been blocked from passing through the narrow waterway since the US-Israeli strikes on Iran 11 days ago, causing oil prices to soar and wreaking havoc on global markets."
"Raising hopes that the strait of Hormuz was back open for activity, Chris Wright posted on X: The U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets. In response, benchmark US crude futures plunged by up to 19%, and an exchange-traded fund linked to oil futures had $84m of its market capitalisation wiped out."
The US military attacked and destroyed 16 Iranian mine-laying vessels near the Strait of Hormuz following reports that Iran laid dozens of mines in the waterway. Intelligence sources indicate Iran has the capability to deploy hundreds more mines. The Strait of Hormuz handles approximately one-fifth of global oil shipments. Iran's Islamic Revolutionary Guard Corps threatened to prevent oil exports if US-Israeli attacks continue. Oil shipments have been blocked since US-Israeli strikes eleven days prior, causing oil prices to surge and disrupting global markets. A mistaken social media post by the US energy secretary about a Navy-escorted tanker caused crude futures to plunge 19% before being deleted and denied by Trump administration officials.
Read at www.theguardian.com
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