New attacks yesterday hit three commercial ships in the Gulf, setting at least one vessel on fire, as Iran pressed its campaign against its energy-exporting neighbors and forced world governments to dip into their strategic oil reserves.
Oil prices surged higher by more than 5 percent in early trading and markets have seesawed since the end of last month, when the US and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war.
As the conflict entered its 12th day, Iran vowed to target “economic centers and banks” that it deems linked to US and Israeli interests, and all eyes were on the Strait of Hormuz, the vital sea lane connecting Gulf oil and gas export terminals to the world economy.
Photo: AFP
The Iranian military’s operational command declared on state television that any vessel that belongs to the US, Israel or their allies would be considered a legitimate target and repeated a warning that it would “not allow a single liter of oil to transit” the strait.
German Minister for Economic Affairs and Energy Katherina Reiche said the International Energy Agency (IEAD) had asked G7 member states to release 400 million barrels of oil and that Germany would comply.
Japan is ready to take the lead and to release oil reserves by Monday next week, without waiting for an IEA decision, Japanese Prime Minister Sanae Takaichi said.
Iran’s missile and drone strikes, and threats have all but shut the Strait of Hormuz, through which 20 percent of global crude and liquefied natural gas passes. Since the start of the war, only a tiny fraction of the vessels that used to navigate the strategic waterway have made it through, while some have ended up in flames.
A prolonged closure of the strait, which also carries a third of the fertilizer for world food production, would have a devastating effect on the economy, particularly in Asia and Europe, analysts said.
The Pentagon on Tuesday said US forces had carried out strikes that destroyed 16 mine-laying vessels that could have been used to block the strait, but attacks with drones or missiles continued yesterday with at least three ships hit.
“If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before,” US President Donald Trump posted on social media.
Israel said it had begun a new “wide-scale wave of strikes” across Iran and against Hezbollah targets in Lebanon’s capital, Beirut.
“This operation will continue without any time limit, as long as necessary,” Israeli Minister of Defense Israel Katz said.
The British Joint Maritime Security Centre said the crew of a cargo vessel in the Strait of Hormuz north of Oman was forced to evacuate when an “unidentified projectile” caused a fire on board.
Separately a bulk carrier and a container ship were hit in the Gulf off the United Arab Emirates.
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