Key facts
- Two oil tankers turned back from the Strait of Hormuz after one caught fire.
- Iran's IRGC stated U.S. aircraft encouraged the vessels' retreat.
- U.S. Central Command conducted strikes against IRGC targets.
- Oil prices saw volatility, with Brent and WTI futures declining.
- The incident occurred amid ongoing U.S.-Iran tensions and talks between Oman and Iran.
Two oil tankers attempting to transit the Strait of Hormuz turned back after one caught fire, Iran's Islamic Revolutionary Guard Corps (IRGC) announced. The IRGC stated that the vessels, with U.S. support via American aircraft, were attempting to use the southern lane near Oman when the incident occurred. The IRGC asserted its firm control over the Strait of Hormuz. This incident follows strikes by U.S. Central Command forces against IRGC targets in retaliation for Iran's attempted missile attacks on U.S. forces. Oil prices experienced volatility on Thursday, decreasing after earlier gains as investors considered talks between Oman and Iran regarding the Strait of Hormuz and heightened tensions between the United States and Iran. Brent futures fell 0.40% to $90.38 a barrel, while U.S. West Texas Intermediate crude futures were down 0.85% at $83.74.