The Strait of Hormuz remains effectively closed to commercial shipping as attacks on vessels continue and diplomatic efforts to end the US-Iran war struggle to gain traction.
Iran's Revolutionary Guard said two oil tankers hit mines and caught fire in or near the strait, a day after Tehran claimed five other tankers had met similar fates. The Guard said the vessels "attempted to transit via an unauthorized route" before striking mines. These claims have not been independently verified and have not been confirmed by any maritime authority.
United Kingdom Maritime Trade Operations said at least 11 ships were attacked in and around the strait in the week ending 6 November, and that three of them sank.
The US military disabled a commercial vessel that tried to get through its blockade of Iran on 7 November after the crew ignored repeated warnings. The US has also bombed Iran after vessels were targeted, with two projectiles hitting Qeshm Island on Friday night.
IMF PortWatch recorded just two transits on 25 October, against a pre-crisis baseline of 85 a day. About 140 vessels were holding position in the strait and Gulf area.
Washington is reviewing Iran's 5 November proposal delivered via Qatar. Tehran is conditioning further talks on seven demands, including compensation, an end to sanctions and the naval blockade, release of frozen assets and a permanent end to the war. Under one proposal, Iran would reopen the strait under a modified agreement with Oman that the US has not approved, as a temporary measure until a permanent deal is reached.
Oil markets remain sensitive to every development, with crude prices swinging on headlines about attacks and peace talks.