The Islamic Revolutionary Guard Corps Navy confirmed it struck two oil tankers attempting to transit the Strait of Hormuz, marking one of the most direct and aggressive actions in a crisis that has been building since March 2026.
Here’s the thing about the Strait of Hormuz: roughly 20% of the world’s oil shipments pass through it. It is about 21 miles wide at its tightest point.
A pattern of escalation
The IRGC Navy has been ratcheting up its interventions throughout 2026, starting with turning back vessels in March and gradually escalating to drone strikes and outright seizures. Among the most notable prior incidents: a US-flagged tanker was turned back in May 2026, and the vessel Prima was targeted with drone strikes.
The market impact has been exactly what you’d expect when someone threatens the jugular vein of global energy supply. Brent crude has surpassed $100 per barrel during the crisis, reaching peaks near $126.
