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Iran's Revolutionary Guard Corps said four oil tankers were destroyed after hitting naval mines on a route south of the Strait of Hormuz. It also said two other vessels were seized, and the tankers were still ablaze.
Losses of tanker capacity and new mine risk in the Strait of Hormuz tighten crude and refined product supply, pushing up energy costs for feed mills and transport. WTI was still down 1.3% on the day, so the market reaction was limited.
fxstreet.comLallalit SrijandornNov 4, 2026After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Watch the 47-second version · Why Tanker Losses Near the Strait of Hormuz Matter for Feed Costs
