According to reports from Iranian media, three oil tankers and a tugboat caught fire in the Strait of Hormuz after hitting mines on Thursday. The Iranian Revolutionary Guard Corps (IRGC) claimed that the ships were using unauthorized routes through the waterway, as stated in reports from Iran's state-affiliated Tasnim news agency.
This incident has contributed to ongoing concerns about shipping in the region, which have been impacting oil prices. The price of Brent crude oil began to climb on Thursday, opening at $94.62 per barrel and rising towards $97 per barrel, after having previously fallen following the US midterm elections.
Despite this increase in oil prices, AAA reported that consumer fuel costs were easing, with the national average price per gallon of regular gas at $4.10 and diesel at $6.26. South Korea's defense ministry announced that it would be deploying ships to the Strait of Hormuz to facilitate freedom of passage, while ruling out the use of troops.
This development reflects the international concern over the situation in the region and its impact on energy markets. The situation in the Strait of Hormuz remains a focal point of international concern, with ongoing tensions and incidents affecting global energy markets.