London / Tehran, 23 October. December Brent crude futures rose above $117 a barrel on 23 October for the first time since 19 March, gaining more than 3% on the day, and late in the evening the naval forces of Iran's Islamic Revolutionary Guard Corps (IRGC) said that two tankers trying to pass through the Strait of Hormuz by an "unauthorised southern route" had struck sea mines, caught fire and come to a halt.
By 18:39 Moscow time Brent was up 3.38% on the previous close at $117, and WTI up 3.53% at $102.98. That morning a barrel cost about $114.3: prices rose on Iranian attacks on tankers in the Strait of Hormuz and Houthi strikes on Saudi energy facilities. According to estimates cited by Lenta.ru, by mid-October the flow of oil and gas condensate through the strait had fallen by 3.3 million barrels a day to half its pre-war level.
According to the IRGC, the tankers "violated the established rules", meaning they took a route Iran had not authorised. After powerful explosions and a fierce fire, both ships' engine rooms were knocked out. The tankers' names, flags and the fate of their crews were not given; there is no independent confirmation of the IRGC statement in the available sources. During the day Iran's Tasnim agency, as reported by Channel One, wrote that shipping in the strait had practically stopped.
The consequences are visible off the UAE coast too. In the emirate of Umm Al Quwain the authorities closed all beaches and coastal areas because of an oil spill from a tanker; residents of Sharjah and Ajman also noticed the smell. The ship has not been officially named; according to the Saudi Gazette, it may be the tanker Gem No.2, which was reportedly attacked by an Iranian drone on 9–10 October. The United States, for its part, is not ruling out new strikes: Donald Trump said the US might launch "another little Epic Fury", the name of the joint US-Israeli operation against Iran that started the war at the end of February.
What it means: The Strait of Hormuz, through which a large share of the world's oil passed before the war, is effectively working at half capacity, and Iran says it is mining routes it has not approved. The market is answering with price: in a single day Brent returned to March levels.
Who benefits: Oil exporters outside the Persian Gulf, including Kazakhstan: its main grade, CPC Blend, is priced against Brent and reaches buyers through the Black Sea, not Hormuz. Oil importers and fuel consumers lose, as do shipowners and insurers, for whom the strait is becoming ever more dangerous.
Background: The US and Israeli war with Iran began at the end of February 2026; Iran has since restricted passage through the Strait of Hormuz. On 22 October Brent rose above $112 for the first time since May, and on 23 October above $115 and $117.
List of sources used: IRNA, VZGLYAD, Lenta.ru, Channel One, Informburo.kz, France 24
Artificial intelligence was used in preparing this material.
