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U.S. Hits Iranian Minelayers Near Hormuz as IEA Unleashes Record Oil Stock Release

An unprecedented IEA stock release seeks to steady fragile energy markets.

Overview

  • U.S. Central Command said it destroyed sixteen Iranian boats used to lay mines near the Strait of Hormuz after U.S. officials reported several mines had been placed in the channel.
  • A merchant cargo ship was struck by an unidentified projectile about 11 nautical miles off Oman's coast, sparking a fire and prompting crew evacuation, according to UK Maritime Trade Operations.
  • The confrontation has widened across fronts, with Israeli strikes reported in Beirut and proxy activity in Iraq, including attacks near Italy’s contingent in Erbil with no casualties reported.
  • The International Energy Agency approved a coordinated release of 400 million barrels from member reserves to calm markets, following G7 talks on using strategic tools to contain the energy shock.
  • European leaders, including Italy’s Giorgia Meloni, Germany’s Friedrich Merz and the UK’s Keir Starmer, coordinated on safeguarding navigation through Hormuz and discussed potential naval escorts as a possible option.