Two oil tankers hit mines and explode in Strait of Hormuz; traffic hits 3-week low

Tensions flared in the critical Strait of Hormuz as Iran's Islamic Revolutionary Guard Corps announced that two oil tankers detonated after striking mines in the waterway's southern minefield. The IRGC claimed the vessels were "deceived" by U.S. intelligence agencies into entering the dangerous area.

However, the U.S. military's Central Command swiftly refuted the Iranian assertion, labeling it as "false news." The IRGC also stated that four other vessels, allegedly supported by the U.S. military, were obstructed by Iranian missiles and drones while attempting to transit the strait.

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It's no longer about money or any other factor, it's purely out of fear.

The escalating confrontation between the U.S. and Iran has effectively paralyzed shipping in the Strait of Hormuz, a vital global oil transit route. Maritime risk consultancy Marisk Risk Solutions noted a significant reduction in traffic, with crew members expressing unprecedented levels of fear. "It's no longer about money or any other factor, it's purely out of fear," said CEO Charalambos Maniatis.

Despite assurances of safe passage, Tehran reportedly attempts to confine vessels to waters it controls. Data from trade intelligence firm Kpler reveals a drastic drop in daily traffic, from over 100 vessels before the recent escalation to just eight by July 16, the lowest in three weeks. The situation is described as potentially worsening significantly by the head of safety for the Baltic and International Maritime Council (BIMCO).

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as is the case with most IRGC statements, is false news.