Iran blames naval mines for four tankers on fire in Hormuz as Trump insists war will end “soon”
The vessels were said to be travelling along what Iran considers “unauthorised routes.”
Trump defended the war during a rally, asserting increased oil flows from the Hormuz Strait compared to seven months ago.
Conflict escalates
The Saudi-led coalition in Yemen intercepted a Houthi drone in the southern region.
German Chancellor Friedrich Merz announced the war on Iran has added over $112 billion to European energy costs.
Iran’s Foreign Minister Abbas Araghchi responded, threatening severe consequences to those harming Iranians.
UKMTO data shows 35 shipping attacks in the Gulf and Strait of Hormuz in October, the highest monthly total since the war began.
Oil prices have reached six-month highs, with Brent crude rising 2.4% to $117.64 a barrel.
Araghchi called out Merz for previous support of Israel’s actions against Iran and warned of significant repercussions if attacks continue.
Iranian legislator Seyyed Mahmoud Nabavian suggested Iran withdraw from the Nuclear Non-Proliferation Treaty (NPT) and alter its nuclear doctrine, echoing sentiments from other lawmakers.
Analysis by market intelligence firm Kpler indicated that despite increased oil exports, prices continue to climb due to fears of renewed conflict and transportation costs.
Experts suggest the current market reflects ongoing war anxieties, despite higher oil availability.
