Iran’s Islamic Revolutionary Guard Corps Navy targeted three oil tankers and three US-linked vessels in the Strait of Hormuz on September 6, accusing them of unauthorized navigation. The strait handles roughly 20% of all global oil and gas shipments and typically sees around 130 vessels pass through daily, but current traffic has fallen dramatically. The IRGC framed its actions as retaliation after US forces previously struck three Iranian oil tankers, one of which reportedly sank in the Gulf of Oman. Iran has threatened additional strikes on US vessels if what Tehran describes as a blockade of Iranian shipping continues. War-risk premiums for tankers transiting the Persian Gulf have surged and some shipping companies have begun avoiding the strait entirely, pushing oil transportation costs higher.
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