Strait of Hormuz Tankers Attacked as Oil Prices Surge Amid Middle East Conflict
Achieving low global oil and gas prices has become goal number one for the United States amid the ongoing conflict with Iran, according to statements from Vance. The military conflict has increasingly centered on control of the Strait of Hormuz, a critical maritime corridor through which approximately 20% of the world’s energy supplies traveled prior to the outbreak of hostilities.
Strait of Hormuz Blockade and Tanker Attacks
Traffic through the vital trade route remains heavily restricted, reduced to a mere trickle compared to the 130 to 140 vessels that typically traversed the waterway during peacetime, according to shipping monitoring figures. While the United States has enforced a naval blockade on Iranian ports, which President Donald Trump described this week as a total blockade and a “wall of steel,” Iranian forces continue to fire on commercial ships attempting to make the transit.
The United Arab Emirates Foreign Ministry reported that two tankers affiliated with the Abu Dhabi National Oil Co. were attacked by aerial drones on Thursday while trying to cross the Strait of Hormuz. The vessels sustained minor damage, and no injuries were reported, according to the UAE government and the United Kingdom Maritime Trade Operations Center.
Tehran maintains that the key trade route will not reopen until its conditions are met. Iranian military spokesman Ebrahim Zolfaghari stated Thursday that no vessel can safely navigate the Strait of Hormuz without authorization and supervision from Iran, according to the state-controlled IRIB news agency. Earlier on Thursday, Iranian Foreign Minister Abbas Araghchi accused the United States of suffering from intelligence failures and executing a miscalculation regarding the strategic waterway.
U.S. Military Posture and Economic Pressure Plans
Defense Secretary Pete Hegseth told reporters Thursday that the United States can maintain its naval blockade on Iran indefinitely by rotating ships in and out of the region as needed. That assessment coincided with the deployment of the USS George Washington to the Middle East, where it is slated to replace the USS Abraham Lincoln aircraft carrier. The Lincoln has spent approximately 250 days at sea without a port call for more than 200 days, according to military tracking details.
Meanwhile, the Trump administration signaled that additional economic measures are imminent. Treasury Secretary Scott Bessant told Newsmax on Thursday that authorities are preparing to apply unprecedented measures of economic isolation against Iran, noting that announcements will follow next week.
The disruption across the Strait of Hormuz has severely impacted global markets, driving up the international benchmark for Brent Crude to just above $87 a barrel—marking a 45% increase since January—while the average cost for a gallon of gasoline in the U.S. has climbed past $4, up from under $3 before the conflict began.
Treasury Secretary Scott Bessant’s scheduled announcements next week regarding further economic isolation measures remain pending.