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Oil prices surged over 1% on Tuesday as diplomatic hopes faded between Washington and Tehran over Middle East tensions. The standoff threatens crucial shipping routes and has triggered supply concerns across the region.
The UK Maritime Trade Operations agency has reported an incident involving a tanker and military forces in the Gulf of Oman near Pakistan's Gwadar coast, urging vessels to monitor security developments in the strategically vital waterway.
The United States has advised its citizens to consider leaving West Asia as tensions with Iran escalate, with reports of planned military strikes and regional security incidents mounting rapidly.
Oil prices fell sharply to two-week lows as a pause in US-Iran hostilities raised prospects for diplomatic talks, though structural supply disruptions remain unresolved.
Oil prices jumped Friday as US-Iran military strikes intensified and Iran signalled readiness to block the Red Sea shipping route through its Houthi allies, threatening global energy supplies.
India's maritime regulator has prohibited Indian seafarers from working on ships traversing the Strait of Hormuz, citing escalating attacks on merchant vessels and heightened US-Iran tensions in the region.
The US military conducted a second wave of strikes against Iran on Wednesday, targeting Iranian military capabilities in the Strait of Hormuz, as President Trump warned Tehran to comply with American demands.
Three separate attacks on oil tankers off Oman's coast left three crew members missing and six injured on Tuesday, intensifying security concerns in the strategically critical Strait of Hormuz amid US-Iran tensions.
Democratic senators including Kirsten Gillibrand have demanded the Trump administration publicly release findings from a Pentagon investigation into a February 28 military strike targeting a girls' school in Iran, setting a one-week deadline for disclosure.
Iran's Foreign Minister Abbas Araghchi has reasserted Tehran's role as protector of the Strait of Hormuz, dismissing US President Donald Trump's proposal to charge a 20 per cent toll on commercial vessels passing through the waterway.
The Strait of Hormuz continues to present a severe maritime security risk following recent attacks on commercial shipping, the UK Maritime Trade Operations warned Friday, as tensions between the US and Iran escalate.
The US military has successfully escorted more than 800 commercial vessels carrying 380 million barrels of crude oil through the Strait of Hormuz since early May, even as tensions between Washington and Tehran escalate.