Market hopes of an Iran war de-escalation are colliding with a fresh wave of attacks on tankers in the Strait of Hormuz and energy infrastructure across the Middle East. Crude prices hit two-month lows on Tuesday after US officials played down the need for further military action against Iran, with analysts pointing to President Donald Trump's more conciliatory tone since Republicans' defeat in the November 3 midterm elections.
But there has been little sign of attacks abating this month. A total of 37 ships were attacked in October, the highest monthly figure since the start of the conflict, according to data from the Washington Institute for Near East Policy.
Videos posted on social media on Sunday and verified by news agencies showed a large plume of black smoke rising from the area. An image captured by the European Union's Copernicus Sentinel-2 satellite on the same day showed similar devastation.
The vessel was among three tankers hit on Sunday for using "unauthorised routes" through the strait, Iranian state broadcaster IRIB reported, citing the Islamic Revolutionary Guard Corps Navy. Navig8, which manages the vessel and is majority-owned by ADNOC Logistics & Services, did not respond to requests for comment, and ADNOC also did not reply.
Meanwhile, US forces continued enforcing a naval blockade of Iranian ports. In the latest incident, a US military aircraft fired on and disabled a St Kitts-flagged cargo vessel that attempted to leave regional waters after visiting an Iranian port on Saturday, US Central Command said.
The attacks have also raised environmental concerns, with damaged vessels leaking oil into surrounding waters. Elsewhere in the region, energy infrastructure and civilian facilities have also come under attack.
Iranian forces and their regional allies have struck targets including the offices of Saudi Aramco, the world's largest oil company. Saudi Arabia's Energy Ministry said the building had been targeted in an attempted attack, with falling debris causing limited damage.
No injuries or fatalities were reported, but the maritime toll has continued to rise. The International Maritime Organisation (IMO) said it had recorded 133 confirmed incidents involving commercial vessels in the region as of November 10, with 25 seafarers killed since the conflict began.
Thousands of crew members remain at risk, including those aboard ships unable to leave the Persian Gulf. The IMO Council has called for stronger protection of seafarers and urged countries to avoid measures that could jeopardise the safety of international shipping.
In the latest reported incident, a tanker was struck by an unidentified projectile 19 nautical miles northeast of Oman's Lima on Tuesday, the United Kingdom Maritime Trade Operations (UKMTO) agency said. Its crew were safe, and no environmental impact was reported.
Iran's Revolutionary Guards Navy separately said two tankers had caught fire after striking naval mines while using what it described as an "unauthorised route" through the strait.