US-Iran War LIVE Updates: IRGC Says Two Oil Tankers Retreat From Strait Of Hormuz After Vessel Fire

The Islamic Revolutionary Guard Corps (IRGC) reported that two oil tankers retreated from the Strait of Hormuz after a vessel fire, amid escalating US-Iran tensions. The US and Saudi Arabia conducted their first joint military strikes against Iran-backed armed groups in Iraq. This incident underscores heightened risks to maritime security in a critical chokepoint for global oil transit. The Strait of Hormuz handles about 20% of the world's oil supply, making any disruption significant for energy markets. The joint strikes signal a broader coalition effort against Iranian proxies, potentially widening the conflict. No official statements from oil companies or tanker operators have been released yet.

Global Impact

Economically, a sustained closure of the Strait of Hormuz would spike oil prices above $100/bbl, triggering a global recession risk. Politically, the US-Saudi joint strikes deepen the rift with Iran and could draw in other Gulf states.