IRGC Attacks Two Commercial Ships in Strait of Hormuz, Demands Transit Permits; IEA Releases 400M Barrels

On the twelfth day of the war between the United States and Israel against the Islamic Republic, the Islamic Revolutionary Guard Corps (IRGC) targeted two commercial ships named Express Rome (Liberian flag) and Mayuri Nari (Thai flag) in the Strait of Hormuz. According to the Thai Navy, the attack caused a fire on Mayuri Nari. According to AFP, the Omani Coast Guard rescued 20 crew members; 3 others remain missing. The IRGC claimed the ships were targeted for ignoring maritime warnings. IRGC Navy commander Alireza Tangsiri stated in a televised message that any vessel wishing to transit the strait must now obtain permission from the Islamic Republic. Oil prices surged more than 5% following the attacks. Tehran also threatened to target economic centers and banks linked to American and Israeli interests. Separately, the International Energy Agency (IEA) announced that member countries will release 400 million barrels of oil from strategic reserves — an unprecedented emergency response to ease pressures from the Middle East war. IEA Executive Director Fatih Birol said: The challenges facing the oil market are unprecedented in scale in history; I am very pleased that IEA member countries have responded with a collective emergency action of unprecedented scale.