U.S. forces struck three Iranian oil tankers on September 5 and confirmed one sank in the Gulf of Oman on September 6, escalating a confrontation in one of the world's most important energy corridors after Iran fired missiles at two American warships.
According to U.S. Central Command, American forces permanently disabled the M/T Downy off Kharg Island and the M/T Stark 1 near Jask, while the M/T Kylo, also known as Noxen, was hit at multiple points and sank on Sunday after its crew abandoned ship. Video released by CENTCOM showed the damaged tanker listing and sinking.
The strikes were retaliation for what CENTCOM called multiple ballistic missile attacks by Iran's Islamic Revolutionary Guard Corps against a U.S. aircraft carrier and a guided-missile destroyer. The warships evaded the missiles, and no U.S. personnel were hurt.
Iran said its forces targeted three tankers using what it called unauthorized routes through the Strait of Hormuz, and claimed it later struck an unmanned U.S. vessel attempting to enter the strait. Those claims were not independently confirmed.
Oil prices had already jumped before the weekend: Brent crude settled at $96.28 a barrel, up 7.6% for the week, while WTI finished at $91.48, up nearly 10%. The latest escalation occurred after oil markets closed, so the full effect on crude prices will be visible when futures resume trading.
Shipping through the Strait of Hormuz remains sharply reduced. Preliminary Kpler data showed only four commodity vessels crossed the waterway Thursday, down from nine Wednesday and well below a 10-day average of about 15. Before the conflict began in February, roughly 125 large commercial vessels crossed the strait each day. Kharg Island, where one tanker was disabled, has historically handled about 90% of Iran's crude exports.
For crypto markets, the risk is that a prolonged disruption adds to crude prices and inflation expectations, potentially influencing Federal Reserve policy and pressuring risk assets including digital currencies.
