Crude oil jumps after Iran claims four tankers struck mines

Crude oil futures rose by more than two per cent on Friday, 30 October 2026, after Iran claimed four oil tankers caught fire in the Strait of Hormuz. Seeking Alpha Markets, Reuters, and the New York Post reported that Iran's Islamic Revolutionary Guard Corps said four vessels were struck by mines, including one carrying over two million barrels of oil. Ukrainian strikes on Russian oil refineries also contributed to the price rise. [1][3][6]

The Iranian Revolutionary Guard Corps Navy said the ships exploded and caught fire after hitting naval mines in the narrow waterway, according to Seeking Alpha Markets and the New York Post. Earlier in the day, The Jerusalem Post reported that the Guard Corps stopped two tankers south of the Strait of Hormuz after they ignored radio warnings. [1][4][6]

Shipping traffic through the Strait of Hormuz has been largely blocked by Iran since February 2026, after the United States and Israel launched air strikes against Iran. Before the conflict began, about 25 per cent of global seaborne oil trade and 20 per cent of world liquefied natural gas passed through the passage. [8]

Despite the sharp escalation in Iranian attacks, CNBC reported that some tankers continued attempting to navigate through the strait to keep crude oil flowing. Meanwhile, The National reported that global oil prices were already on track for a sharp monthly rise due to ongoing strikes in the strait and United States threats to target Iran. [2][5]