Where things stand with gas prices and the Strait of Hormuz

An Iranian commercial vessel was struck near Qeshm Island in the Strait of Hormuz on Sunday morning, killing one person and injuring four others. Iranian state media blamed what they called a "terrorist enemy" without specifying the origin or nature of the attack. The incident occurred as Iran plans to brief neighboring countries about managing shipping in the strategic strait.

Separately, Houthi rebels, backed by Iran, expanded their control over Yemen's Red Sea coast, moving closer to the critical Bab el-Mandeb Strait, which is an important alternative route for Saudi oil exports if the Strait of Hormuz becomes unusable. Houthis entered Mokha port recently and seized Perim Island earlier in the week.

The United States denied Iran’s Revolutionary Guard Corps (IRGC) claims that a Panama-flagged tanker, El Gaia, struck naval mines in the strait and exploded, instead asserting that it was attacked by Iranian missiles last month and again by drones over the weekend. Oman's Maritime Security Centre reported on Tuesday that two sailors were missing after an attack on El Gaia, with 23 others rescued.

These incidents highlight ongoing tensions between Iran and Western powers over control of critical shipping routes in the region, threatening global oil supply stability and driving up energy prices globally.