The escalation follows a surge in aggression that saw Iran hit nine vessels last week, contributing to a volatile supply chain where crude flows fluctuated from 16 million barrels per day to 8 million barrels in a few days. While US officials, including Marco Rubio, assert the waterway remains open, the IRGC maintains absolute surveillance over the region. Market instability persists as refined product exports lag 30% compared to 2025 levels, and global markets have lost over 2.2 billion barrels of Persian Gulf exports since the war began.
Tuesday, October 20, 2026
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Iran’s IRGC Strikes LPG Tanker MV Sunshine in Hormuz Escalation
Commodities11 days ago
The Islamic Revolutionary Guard Corps Navy targeted a large gas carrier south of the Persian Gulf's main chokepoint, triggering a massive fire and immediate price volatility. The IRGC claims it attacked the LPG tanker MV Sunshine for attempting to transit an illegal route; the UK Maritime Trade Operations separately reported that a vessel was struck by an unknown projectile 13nm west of Al Jazeera, UAE. Crude oil prices hit session highs after the strike, and the IRGC warned that any ships committing violations outside the Strait of Hormuz would also be punished in the future.
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