Oil transit drops as tanker fire reported near Oman amid rising tensions

The Strait of Hormuz remains the primary chokepoint for global energy supplies, a status that has made it a focal point for military activity and market volatility.

British maritime agency UKMTO reported on Thursday that a ship is on fire in the strait. The vessel was located nine nautical miles, or 17 kilometers, north of Khasab, Oman. The Royal Navy unit operating the agency did not specify the cause of the blaze or provide casualty counts.

Three tankers reportedly exploded and caught fire in the previous 24 hours after striking sea mines. Iran's Revolutionary Guards Corps stated that these vessels were using an unauthorized route. It is unclear if the ship reported to UKMTO is among those three. The IRGC also claimed that Iranian forces downed a US drone east of the waterway using a new air defense system.

Shipping data provider Kpler indicated that oil exports through the waterway declined last week. The Washington Institute for Near East Policy notes that attacks on ships in the strait are at their highest level since the conflict began in February. The US Navy is currently escorting tankers through the area where the burning vessel was sighted while enforcing its blockade of Iranian vessels.

The Middle East war, triggered in February by US and Israeli attacks on Iran, has led Tehran to assert control over the transit lane. Global oil and natural gas flows depend heavily on this route. The US Congressional Research Service has reported that dozens of US aircraft and drones have been lost or damaged since the war started. Iran claims to have destroyed 14 drones of the type recently shot down and more than 50 MQ-9 Reaper drones.

US President Donald Trump is widely viewed as considering fresh strikes against Iran following the November 3 midterm elections. He previously mentioned the possibility of another operation resembling the February attacks. A third US aircraft carrier and thousands of additional troops are en route to the region. Defense Secretary Pete Hegseth reportedly dismissed Army Lieutenant General Brett Sylvia, the Pentagon's top military planner. Sylvia's predecessor, Lieutenant General Joseph McGee, was forced to retire in October 2025. The Atlantic reported that no reason was given for Sylvia's departure and no replacement has been named.