Oil market news and analysis

US Central Command says it struck three Iranian oil tankers after Navy warships were targeted with missiles, describing two tankers as permanently disabled and a third, unladen, as destroyed. Adm. Brad Cooper warned the US would "if necessary, destroy Iran's limited and exposed oil fleet." The account also confirms a strike off Kharg Island, previously reported only by Iranian media, and notes the US is guiding ships through the strait while traffic stays low.

Lloyd's Market Association underwriters have produced an optional clause for Strait of Hormuz transit policies letting insurers cancel cover if the shipowner has paid a toll to Iran. Infomarine reports the move is aimed at sanctions and compliance risk, since payments routed through Iran's Persian Gulf Strait Authority could breach US sanctions and potentially reach the IRGC. War risk premiums for Gulf cover are also reported rising toward 5% of hull value.

The IMO says it had begun evacuating vessels from the region this week and has now temporarily paused that operation to reconfirm safety guarantees, after being informed of an attack in the Gulf of Oman on a ship that had passed through the Strait of Hormuz. Secretary-General Arsenio Dominguez said the vessel was not transiting under the IMO's evacuation framework.

Bloomberg, republished by Infomarine, reports Britain and France have mine-hunting vessels positioned to start a limited de-mining operation in Omani waters on the southern Hormuz route, after winning Oman's endorsement — but that fresh attacks on vessels in the waterway have set the mission back. Officials spoke anonymously because the plans are not public.

TankerTrackers.com says National Iranian Tanker Company vessels Sinopa and Hawk were struck off Jask days before CENTCOM's Saturday operation, which has not publicly identified them as targets. Iran International also obtained video of US radio warnings ordering the crew of Stark 1 to abandon ship minutes before it was hit.

President Donald Trump said on Friday that new pipelines and overland routes across the Middle East were cutting dependence on the Strait of Hormuz, warning Iran the waterway "is not what it used to be." He cited a route through Syria already used by oil trucks. Iran International reported the remarks, which came as Treasury sanctioned a Turkish bank and as mediators were said to be working on a framework for fresh talks.

In two identical letters to the UN Secretary-General and the Security Council president, Qatar has rejected Iran's legal justification for attacks on its territory, cited UN Security Council Resolution 2817 (2026) over Iran's closure of the Strait of Hormuz and disruption of navigation, and reaffirmed its right to full compensation. Doha also rejected Iran's self-defence claim and its counter-demand that Qatar pay.

Iranian state broadcaster IRIB says four US missiles hit an Iranian tanker in Kharg Island's anchorage at 8am on 5 September, a second Tehran-sourced account of the strike, while Fars says the cause of the explosions is unknown and Washington has not confirmed. President Trump separately said the US could hit Iran's Pickaxe Mountain "very soon" and had posted an AI video of an attack on Kharg.

Iran's semi-official Tasnim agency, relayed by Xinhua, says four US-fired projectiles struck an Iranian oil tanker about 10 km off Kharg Island on the morning of 5 September, with no casualties and the crew evacuating. There is no US confirmation, and the vessel is unnamed. It follows CENTCOM's naming of three Iranian tankers it says it disabled or destroyed.

Hamer Intelligence, an OSINT aggregator, reports Iran fired cruise and anti-ship ballistic missiles toward US Navy vessels in the Gulf of Oman and the Strait of Hormuz on 4 September, with regional media also citing interceptions over Jordan. The tracker itself flags that its underlying sources are social media and regional press, and no US or Iranian official confirmation appears in the report.

Reuters reports the proposed Iran-Oman arrangement for Gulf transits is not workable for shipowners because of US sanctions and insurance clauses on payments. Leading shipping associations have told the IMO that compulsory transit or service charges would amount to a toll and set a precedent undermining transit passage. The terms, described by a senior Iranian source, would let Tehran intervene in inbound traffic while outbound ships clear through Oman after notifying Iran.

Iran's IRGC Navy says 35 commercial vessels — tankers, container ships and cargo carriers — passed through the Strait of Hormuz in 24 hours under its coordination, up from 31 a day earlier and 26 earlier this week. Iranian state media frame every crossing as requiring IRGC permission, a claim that bears directly on the unresolved argument over whether Hormuz traffic is recovering.

CENTCOM says it "permanently disabled" the IRGC crude carriers M/T Downy off Kharg Island and M/T Stark 1 near Jask, and "completely destroyed" the unladen M/T Kylo in the Gulf of Oman, after what it called failed Iranian attacks on US warships. Admiral Brad Cooper framed it as an economic cost: "If you shoot at two of our ships, we will impose an even higher economic cost -- taking out three of yours."

IBTimes, citing Axios, says the two vessels in CENTCOM's strike footage were Iranian tankers anchored off Iran's coast, hit under a Trump-approved "tanker for tanker" approach. Trump says the strait now has no mines. INTERTANKO welcomes the clearance of the Traffic Separation Scheme but warns traffic will not normalise on mines alone, and Vance says "there is no active shooting."

USNI News reports CENTCOM's video claim of strikes on Iranian targets including two unidentified ships, with no details on names or whether they were docked. The Monday tanker attack is identified as MT Sidr, with two seafarers dead, part of at least 13 commercial vessels Iran struck in August. New JMIC transit counts and mine advisories sharpen the dispute over how much traffic is really moving.

Treasury Secretary Scott Bessent says the strait will be a "worthless piece of water" within two years as new land pipelines bypass it, and Trump highlighted a Syrian port plan as an alternate Gulf export route. Energy Secretary Chris Wright put Monday's escorted flow at 17 million barrels, while independent trackers still show traffic far below prewar and Brent above $95.

The IMO's secretary-general has condemned attacks on commercial ships in the Strait of Hormuz and urged operators to keep crews out of the waterway, after UKMTO confirmed a tanker was struck east of the Musandam Peninsula. Iranian state media separately claimed a tanker hit a mine outside Tehran's designated lane, while Washington paused strikes and Muscat hosted Iran-Oman talks on safe passage.

Vice President JD Vance says Washington will not negotiate with Tehran while it keeps firing on commercial shipping, and that the US escorted about 15 million barrels through Hormuz on Wednesday. Independent trackers still show traffic far below prewar: Lloyd's List counted 102 transits last week, TankerTrackers about 5 million barrels a day over 28 days. Iran says it has laid more mines in the strait.

Iran's Tasnim agency says US forces hit an Iranian oil tanker with four missiles near Kharg Island, while a separate report says two Saudi crude tankers were attacked in the strait with two crew killed. Kpler counted only four vessels through Hormuz on Thursday. Qatar has taken its case to the UN, and US intelligence says Tehran sees the strait as leverage.