Middle East Tensions Rise After Attack On Oil Tanker Near Strait Of Hormuz

Iran's Revolutionary Guard Navy said on Monday that the supertanker EL GAIA exploded and caught fire after hitting a mine while trying to pass through a restricted area south of the Strait of Hormuz, with the blaze still out of control, according to ETNet. The U.S. Central Command later said on social media that Iran's account was false and that the Panama-flagged tanker was hit by an Iranian drone in waters off Oman. The escalation has raised concerns about further disruption to crude supply, with Brent crude at $106.4 a barrel and U.S. crude at $102.26.