Business · Energy & Commodities · 3 hrs ago
Hormuz attacks keep shipping costly as Iran-US talks remain uncertain
Attacks on ships have kept the Strait of Hormuz dangerous during the war involving Iran and the United States.
Iran's Revolutionary Guard said two tankers caught fire after hitting mines while using a route it called unauthorized, while US forces said they intercepted a commercial ship in the Gulf of Oman.
Ships are still crossing, but traffic remains depressed: 325 transits were reported from October 29 to November 4, about 65% below pre-war levels.
The insecurity has sharply raised shipping costs; the average rate for a large tanker carrying Middle Eastern crude to East Asia was about 12 times higher at the end of October than at the start of the year.
Iran can use threats to shipping to raise the costs of confrontation and seek leverage, but the economic burden of continuing the war may limit its ability to sustain attacks.
The future of US-Iran negotiations is unclear: Iran says talks paused after the US elections, while Qatar has denied that they failed, and US President Donald Trump has said further attacks are highly unlikely if the sides make a solid deal.
Attacks on commercial ships in the Strait of Hormuz are putting crews at risk and keeping shipping and insurance costs high.
The UK Maritime Trade Operations Center reported 325 transits through the strait from October 29 to November 4, about 65% below pre-war levels.
Iran’s Revolutionary Guard said two oil tankers caught fire after hitting mines while using an unauthorized route through Hormuz.
The United States said it intercepted a commercial vessel in the Gulf of Oman as it tried to evade a blockade of Iranian ports.
US and Iranian officials gave differing accounts of the status of negotiations, while President Donald Trump said further attacks on Iran were highly unlikely if talks advanced.
- Who
- Commercial shipping crews and companies, Iran, and the United States are involved. The reports also cite statements by Donald Trump and Iranian officials.
- What
- Attacks and threats in and around Hormuz are raising shipping risks and costs as US-Iran negotiations remain uncertain.
- When
- The reports describe events through November 9, 2026, including attacks over the weekend of November 7-8.
- Where
- The Strait of Hormuz and the Gulf of Oman.
- Why
- Iran’s threats to shipping can raise the cost of confrontation and provide leverage in negotiations, according to an expert cited by DW. The reports do not establish a single cause for the attacks.
United States
Iran
Negotiations
United States
Trump said further attacks on Iran were highly unlikely if negotiations advanced and a solid agreement was signed.
Iran
Foreign Minister Abbas Araqchi said the US election result had paused negotiations and Iran would have to wait for diplomacy to resume.
Economic blockade
United States
The United States was seeking a blockade of Iranian ports, according to the Iranian Revolutionary Guard spokesman.
Iran
The Guard spokesman said the United States would never succeed in imposing the economic blockade.
UKMTO recorded 325 reported transits through the Strait of Hormuz.
UKMTO released its weekly transit figures; Brent futures for January delivery closed at $98.32 a barrel.
US forces said they had intercepted a commercial vessel in the Gulf of Oman as it tried to evade the blockade of Iranian ports.
Iran’s Revolutionary Guard said two oil tankers caught fire after hitting mines while trying to cross Hormuz on an unauthorized route.
Trump said further attacks on Iran were highly unlikely if negotiations advanced; Araqchi said the US election result had paused negotiations.
- Hormuz transits
- 325 reported from October 29 to November 4
- Traffic compared with pre-war levels
- About 65% lower
- Brent price
- $97.48 a barrel when futures reopened on November 8
- Tanker freight rate
- $37.13 per barrel for a large tanker carrying crude from the Middle East to East Asia at the end of October
- Oil tanker incidents
- Iran’s Revolutionary Guard said two tankers caught fire after hitting mines
2 sources
What people are saying
Iran's limitation in the Strait of Hormuz is economic rather than military, because continuing the war has a significant impact on its economy.
It depends on whether they sign a solid agreement or not.
The answer is that it is highly unlikely to be necessary. They are a nation in decline.
The United States will never be able to impose the economic blockade it is seeking and proposing under various names and through different plans.