Market news roundup: Hormuz tanker incidents, attacks on Aramco and Iraqi output above 5 million bpd

Key headlines

• Several tankers have hit mines and caught fire east of the Strait of Hormuz.
• Yemen's Houthis claimed strikes on Aramco facilities and Riyadh airport; Saudi Arabia said damage was limited.
• The US is forming a task force to extend its naval blockade of Iran; talks between Tehran and Washington have stalled.
• Iraq's oil output has risen above 5 million barrels per day.
• Preparations are under way for trilateral Russia–US–Ukraine talks in Abu Dhabi.

Strait of Hormuz and Gulf of Oman: repeated shipping incidents

Iran's navy said a tanker caught fire after hitting a sea mine in the eastern part of the Strait of Hormuz. The IRGC navy separately reported that two tankers had struck mines near the strait, and Iranian state TV, citing an IRGC official, said navigation aids in the south of the strait had been destroyed and traffic on an unauthorised route halted overnight.

In the Gulf of Oman, US Central Command (CENTCOM) said US forces disabled a commercial vessel on Saturday. The UK Maritime Trade Operations (UKMTO) reported an incident between a bulk carrier and military forces near Khor Fakkan in the UAE. The UAE National Guard said 22 people were rescued after a fire on a cargo ship in the area.

IRNA reported explosions on Qeshm Island. A provincial Iranian official said an overnight US strike on the island had no effect on its critical infrastructure or services.

Saudi Arabia and Yemen: Houthis claim strikes on Aramco

The Houthis claimed to have targeted King Khalid International Airport, Aramco oil storage, Riyadh's financial district and Aramco facilities in Abqaiq and Khurais, and said they attacked a Saudi National Guard camp in Najran.

Saudi Arabia's energy ministry confirmed an attempted attack on an Aramco building in Riyadh. According to a source, only debris fell on the building, there were no casualties and physical damage was limited. The Saudi-led coalition said it destroyed two Houthi ballistic missile launch platforms in Saada.

Syria denied reports that it had sent troops to Yemen, saying military cooperation with Saudi Arabia is for now limited to training and exchanging experience — cooperation that could later lead to a joint defence pact.

US and Iran: naval blockade and diplomatic deadlock

The US military will set up a task force to also restrict Iran's use of land routes and the Caspian Sea. Iraq's foreign minister told Al Jazeera that the US Treasury has asked Baghdad to close most border crossings with Iran and keep only two open.

On the diplomatic front, US Secretary of State Marco Rubio called the talks unproductive and described Iran's demands as unacceptable. Iranian Foreign Minister Abbas Araghchi said the US election results had halted mediators' efforts and that Tehran would wait for the diplomatic process to resume. An IRGC spokesman said the US could neither enforce an economic blockade nor cut Tehran's ties with its neighbours.

Turkish President Recep Tayyip Erdoğan told Donald Trump that US–Iran tensions should be resolved through diplomacy.

Energy supply: Iraqi record and Khor Mor shutdown

Iraq's oil minister said output has exceeded 5 million barrels per day. Separately, security sources said production at the Khor Mor gas field in Iraqi Kurdistan was halted after a drone attack.

Ukraine: preparing for the Abu Dhabi talks

Russia named its delegation for the trilateral talks with the US and Ukraine: Medinsky, Ryabkov, Galuzin, Kostyukov and Zhigarovsky. French Foreign Minister Jean-Noël Barrot said European countries will take part in the Abu Dhabi talks, and Erdoğan expressed hope for a positive outcome.

Other news

• Israel: President Isaac Herzog tasked Gadi Eisenkot, a rival of Netanyahu, with forming a government. Eisenkot said he will lead a national emergency government.
• US: Trump ordered the Justice Department to investigate Democrats he accused of making threats. CNN reported that UFC chief Dana White turned down an offer to become White House press secretary.
• Stocks: Nvidia shares fell about 3.5% in after-hours trading.
• Russia: All of Japan Tobacco (JT) group's units in Russia have been placed under temporary management; business continues for now while the company assesses the financial impact.

Possible market impact

• Oil (WTI and Brent): Hormuz incidents and attacks on Aramco raise supply risk and could add a risk premium to prices, while Iraq's record output offsets part of that pressure. WTI daily analysis
• Gold: Rising geopolitical tension usually supports safe-haven demand. Gold daily analysis
• Dollar and commodity currencies: Higher oil usually supports the Canadian dollar; safe-haven flows can favour the US dollar and the yen.
• Tech stocks: Nvidia's after-hours drop could weigh on the Nasdaq at the open.

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Sources: Iran's navy and the IRGC, IRNA, US Central Command (CENTCOM), UKMTO, the UAE National Guard, Saudi state TV, Al Jazeera, CNN and official government statements. Some claims have not been independently verified.

This article is news and education, not trading advice. Follow live analyses on our Telegram channel and reach support at @fibonacci_chart with any questions.