Iranian Missiles Strike Two UAE Oil Tankers In Strait Of Hormuz

Two UAE national oil tankers, Mombasa and Al Bahiyah, were struck by Iranian cruise missiles while transiting the southern shipping lane of the Strait of Hormuz, leaving one person dead and several others injured, according to authorities.UAE tankers targeted The vessels were sailing through Omani territorial waters when they were targeted, according to UAE officials on Tuesday."The Ministry of Defence condemned this flagrant attack, describing it as a grave violation and a clear breach of international law that threatens regional security and stability," the ministry said in a statement cited by AFP.The UAE Ministry of Foreign Affairs said the attack killed one Indian national and injured eight others, including four who sustained serious injuries. The injured comprise six Indian nationals and two Ukrainian nationals.The ministry said the attack violated U.N. Security Council Resolution 2817, which affirms the importance of freedom of navigation, and condemned the targeting of commercial vessels and the disruption of international maritime routes.The UAE also called on Iran to halt its attacks and urged the immediate and unconditional reopening of the Strait of Hormuz to safeguard regional security and support the stability of global trade and the economy.Oil market impact Oil prices continued climbing above $80 per barrel Tuesday as the conflict developed, with WTI crude rising by 3.07% to $80.54 and Brent increasing by 3.37% to $86.7 as of 3:30 pm AST Arabia. On Monday, oil rose as much as 9% due to escalations in the Strait of Hormuz, sending Brent crude futures into the $83 per barrel level. The reimposed US naval blockade on the Strait has renewed concerns over tight supply into the third quarter, according to ING commodity strategists. "The return of the US blockade is much more impactful for markets than the previous suspension of the sanction waiver on Iranian oil," said ING commodity strategists Warren Patterson and Ewa Manthey on Tuesday. Key background The Iranian attack on the oil tankers came after the US launched a new round of strikes against Tehran over the weekend, marking a new phase in the resumption of hostilities in the Gulf. Over the past two days, the UAE expressed its full solidarity with Oman, Qatar, Bahrain, Kuwait, and Jordan, amid renewed Iranian missile and drone attacks on the US-allied countries.The US reinstated its naval blockade of Iranian vessels transiting the Strait of Hormuz on Monday after a ceasefire agreement that had reopened the waterway collapsed. The Strait of Hormuz is one of the world's most critical energy chokepoints, handling roughly one-fifth of global oil shipments before the crisis.The Joint Maritime Information Center (JMIC) warned on Sunday that the maritime security threat level in the Strait remained "severe." JMIC and the U.S. Naval Forces Central Command (USNAVCENT) said the southern shipping lane remains open despite Iran's declaration on Sunday that the Strait was closed.US President Donald Trump also said Monday, in a post on Truth Social, that the Strait remains open. He added that the US would serve as the "Guardian of the Hormuz Strait" under the reinstated blockade and impose a 20% toll on all cargo transiting the waterway.