Geopolitics
Tankers catch fire in the Strait of Hormuz
Iran says at least five tankers and a tugboat caught fire, several after hitting mines. Oil crossed $100 a barrel.
In short
$100+Brent crude, per barrel
- Tankers on fire: at least 5
- ~1/5 of world oil passes here
- Brent: above $100
What happened
Iran's forces said several oil tankers caught fire in the Strait of Hormuz on Thursday, some after hitting naval mines, and a tugboat sent to help also caught fire. A UK maritime agency separately reported a tanker hit by projectiles north of Qatar.
Why it matters
About a fifth of the world's oil normally passes through this narrow strait. Traffic has been heavily restricted since the war involving Iran began in February, and attacks on ships are near record levels. Qatar is mediating talks, but no ceasefire is in place.
What it means for you
India imports most of its oil. If crude stays above $100, it can push up fuel prices and inflation.
