Iran-U.S. conflict escalates with attacks near Strait of Hormuz and 400M-barrel reserve release

Oil supply risks intensified after Iran reportedly struck Oman's largest oil storage facility and more than three commercial vessels near the Strait of Hormuz, including a Thai tanker that caught fire and was evacuated. The U.S. destroyed 16 Iranian minelayers following Iranian efforts to mine the strategic waterway, according to reports. Iran vowed that not one liter of oil would reach the U.S., Israel or their allies and warned of $200 oil, while the IEA and 32 countries coordinated the release of 400 million barrels from strategic reserves in response to what was described as a 20% choke on global supply, marking the largest such move to date.