Two oil tankers came under attack in the Strait of Hormuz on Friday, with Iran’s Islamic Revolutionary Guard Corps claiming responsibility for at least one strike, as the nearly seven-month conflict continues to disrupt global energy markets and squeeze American families at the pump.
The attack on the tankers came the same day Saudi Aramco, the kingdom’s massive state-owned oil company, delivered a blow to European customers: no crude oil shipments in October. According to Bloomberg, at least two European refiners were told they’d be cut off next month. The decision follows escalating attacks on Saudi oil infrastructure, including a strike last week that shut down the critical East-West pipeline.
For American drivers, the ripple effects are already being felt. Regular gasoline is averaging $4.47 per gallon nationwide, according to AAA. That’s just nine cents below the year’s peak of $4.56, recorded on May 21. Brent crude oil was trading around $104 per barrel Friday morning, a figure that spells continued pain for working families trying to fill their tanks and heat their homes.
The IRGC justified its attack on one of the tankers by claiming a Togo-flagged vessel attempted an “illegal passage” through the Strait of Hormuz, one of the world’s most critical shipping chokepoints. The waterway handles roughly one-fifth of the world’s oil supply on any given day, making it a strategic flashpoint that affects energy prices worldwide.
Meanwhile, the Iranian regime staged massive rallies across the country Friday in a show of domestic support. Iranian state media reported hundreds of thousands of participants turned out for the government-organized events, marking the largest public demonstrations in the Islamic Republic since the war began 203 days ago. The choreographed displays are a familiar tactic for Tehran, which routinely mobilizes crowds to project unity and resolve during times of international pressure.
The situation represents a perfect storm for global energy security. Saudi Arabia, traditionally one of the most reliable suppliers to Western markets, is now scaling back deliveries as its own infrastructure comes under repeated attack. European nations, many of which have already been scrambling to replace Russian energy supplies, now face another supply shock heading into fall.
