Two cruise missiles hit the Mombasa and Al Bahiyah in the Strait of Hormuz early Tuesday, killing one Indian mariner and wounding eight crew — six Indians and two Ukrainians — the UAE said.
Iran launched the tanker and Bahrain attacks hours after the U.S. began another round of strikes and Trump said Washington was reinstating a blockade on Iran in the strait.
The UAE said fires on both tankers were extinguished and warned it reserved the right to retaliate, raising the risk Abu Dhabi could be drawn back into direct fighting with Tehran.
Brent crude jumped 7.8% to $81.92 a barrel as the confrontation intensified around a waterway that once carried about a fifth of global crude oil and natural gas in peacetime.
Trump also said the U.S. would charge ships for safe passage through the strait, a break with longstanding U.S. support for toll-free freedom of navigation.
With Hormuz traffic halved and oil prices soaring, is the global economy on the brink of a new energy crisis?
As the US imposes a 20% toll, is the era of free passage through the world's vital waterways officially over?
Strait of Hormuz Crisis 2026: Escalation, Global Energy Shock, and the Battle for Maritime Security
Overview
The report highlights a rapidly escalating crisis in the Strait of Hormuz, where a tanker was struck by an unidentified projectile, damaging its engine room and intensifying the ongoing struggle for control over this vital shipping lane. This incident, combined with recent Iranian military actions and persistent friction between the U.S. and Iran, has led to a sharp rise in oil prices and increased the risk of broader military conflict in the Gulf region. Explosions near key Iranian coastal areas further contribute to regional instability, underscoring the fragile state of diplomacy and the significant threat to global economic and security interests.