7 tankers hit in Strait of Hormuz, says Iran. Seven oil tankers caught fire or were damaged in Strait of Hormuz overnight after being hit by Iran or striking naval mines, Tehran said Thursday, markedly high number as concerns about return to all-out war rise. With days before close election in Israel in which Prime Minister Benjamin Netanyahu could lose power and before next month's US midterm election in which war-linked high prices have sparked anger, concerns U.S.-Israeli attacks on Iran could resume.
Iranian state television reported claims about latest attacks on ships, which AP could not independently confirm. Report cited Revolutionary Guard Corps navy, which again threatened to strike US military bases in region if US keeps helping to guide commercial ships through Strait.
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Report didn't mention casualties. IRGC said three violating oil tankers were set ablaze and halted due to explosion of mines planted by brave sailors of IRGC Navy.
For India, Hormuz is jugular - 60% of oil imports pass through Strait, two-thirds of imports from just three nations — Russia 44%, US and UAE surging. US oil at $810 per tonne premium versus average $640. India's oil imports in September up 7% by volume but jumped 47% in value due to high price. If mines deployed, war-risk premium jumps from 0.5% to 5% of cargo value, adding $5 per barrel.
India has strategic reserves only 37 million barrels, 9.5 days cover, versus China 900 million, US 700 million. Spain released 4.4 million barrels from reserves in October, second release after 3.7 million, but small.
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Analytically, Iran's mine claim may be exaggerated - US Fifth Fleet said no verified hits — but even claim raises insurance. For India, which needs to balance US pressure to buy American oil and need for cheap Russian oil, Hormuz disruption makes Russian overland routes attractive, but sanctions risk under Lindsey Graham Act up to 100% tariff.
Need to condemn retaliatory attacks per UNCLOS and call for freely navigable waterways, as MEA did on Hormuz earlier.
Tags: #StraitOfHormuz #IRGC #OilTankers #Mines #EnergySecurity #BrentCrude #IndiaOil #Houthi #WarRisk #WestAsia