Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines while crossing the Strait of Hormuz, according to IRNA, and state media said each carried about 2 million barrels of crude. IRNA said the vessels had switched off their positioning and radar and used an unauthorised route, and that one was left immobilised; no independent confirmation was available. Maritime officials said on Wednesday that a container ship and a dry bulk carrier sank near the strait in separate incidents after being hit by projectiles. Attacks around the waterway have surged over the past two weeks, with Iran saying it is stepping up strikes in response to the US blockade of its ports and sanctions imposed last month. The strait, only 35 to 40 km wide at its narrowest point, is the centre of the Iran-US conflict, and limited access has pushed up fuel prices worldwide.
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XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
DXY
▲ Likely positiveRelevance: low
| Market | Currencies |
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| Close on 10/16/2026 | 101.78 |
| Change that session | -0.20% |
VNINDEX
▼ Likely negativeRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/16/2026 | 1,705.91 |
| Change that session | +0.45% |
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- Iran plan to open shipping lane still on the table
Iran's Foreign Minister Abbas Araqchi says Tehran's proposal to reopen the Strait of Hormuz within 7 days remains on the table, and the strait could reopen within 6 days if Washington accepts Iran's conditions, including lifting the US blockade of its ports, lifting sanctions on oil exports and ending hostilities on all regional fronts. Talks have stalled because Washington has not addressed all 7 conditions, while the US insists on addressing Iran's nuclear program from the outset. Iran's Revolutionary Guards navy says 2 oil tankers caught fire after hitting naval mines in the strait, a claim that has not been independently confirmed. Maritime officials also said a container ship and a dry bulk carrier sank after being hit by projectiles in separate incidents. The strait is only 35 to 40km wide at its narrowest point, and shipping disruptions from the 8-month war have pushed up global energy prices and inflation.
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- Iran plan to open shipping lane still on the table
Iran's Foreign Minister Abbas Araqchi says Tehran's proposal to reopen the Strait of Hormuz within 7 days, made in mid-September after an interim ceasefire collapsed, is still on the table. If Washington accepts Iran's conditions, including lifting the US blockade of its ports and sanctions on oil exports and ending hostilities on all regional fronts, the strait could reopen within 6 days, with talks resuming the next day. The main dispute is Washington's demand that Iran's nuclear program be addressed from the outset, with Vice President JD Vance calling for a “meaningful” cut to Iran's uranium enrichment capacity. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines in the strait, a claim IRNA reported without independent confirmation, as attacks around the waterway have surged over the past two weeks.
- Iran plan to open shipping lane still on the table
Foreign Minister Abbas Araqchi says Iran's seven-day proposal to reopen the Strait of Hormuz is still on the table, while Iran's security chief said talks had stalled over Washington's failure to address all seven conditions. Tehran's conditions include lifting the US blockade of its ports and sanctions on its oil exports, and ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. Washington insists on addressing Iran's nuclear program from the outset, with Vice President JD Vance demanding a "meaningful" cut in uranium enrichment. Iran's Revolutionary Guards say two oil tankers caught fire after hitting naval mines, a claim IRNA reported without independent confirmation, and a container ship and a dry bulk carrier sank after being hit by projectiles. Attacks around the strait have surged over the past two weeks, adding to disruptions that have boosted global energy prices and inflation.
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