Iran says it hit seven oil tankers near Hormuz; Brent crude tops $111 a barrel

Iran said Thursday that its navy hit seven oil tankers in the Strait of Hormuz, the narrow shipping lane that much of the world's oil passes through. The claim threatens to worsen what The Hill called the global energy crisis that is driving inflation ¹.

The Islamic Revolutionary Guard Corps (IRGC), Iran's elite military force, said its navy hit four tankers that were transferring oil. The other three ships hit naval mines and were immobilized, according to the Associated Press as cited by The Hill ¹. Oilprice.com reported the mines were west of the strait ².

Iranian state TV also reported seven ships were hit. If confirmed, The Hill said, it would be the largest single-day toll for vessels in the waterway since the war began in February ¹. The reports come from Iranian sources, and the copy reviewed here includes no independent confirmation of the vessel incidents ¹².

Oil and gas prices

Brent crude, the international oil benchmark, was above $111 a barrel Thursday morning. The national average for a gallon of gas was $4.27 ¹. Oilprice.com reported Brent topped $111 in Asian trading, up more than 2% ².

The IRGC also warned the U.S. military against continuing to move oil tankers through the strait. It said that could bring a response at American bases in the region ¹².

What the administration says

Treasury Secretary Scott Bessent said earlier this week that lower oil prices depend “on what happens with the Iran conflict.” He said the U.S. is being hit with an “energy shock” but argued that “core inflation is down” ¹. Core inflation leaves out food and energy prices, the two costs many households feel most.

That matters because gas and diesel prices reach nearly every household budget, from the pump to the grocery shelf. By Bessent's own account, the price of oil is tied to a conflict the administration has not ended.

A widening conflict

The attacks come as the United States and Israel are reportedly drawing up plans to resume strikes on Iran after the midterms ¹. The U.S. also pulled staff from its embassy in Saudi Arabia this week as Houthi rebels in Yemen opened a major new front ¹.

Oilprice.com reported that Houthi drone debris killed two people and injured two others near a processing plant at Saudi Arabia's Shaybah oilfield on Wednesday. Operations there were not affected, it said ².

The fighting has cooled since the spring but has flared up from time to time. In September, Iran launched ballistic missiles at a U.S. base in Jordan and hit oil tankers after the U.S. military destroyed five Iranian oil tankers ¹. U.S. Central Command (Centcom) disputed Iran's claim to have struck two American warships. It said “No U.S. Navy warship has been struck; all IRGC attempted attacks failed” ¹.

core inflation is down

Next, watch whether the shipping incidents are independently confirmed and whether Brent keeps climbing. The Hill said the escalation shows the war is “far from over” almost eight months after it started ¹.

The Record

1. Feb 28, 2026Iran tightened its grip on shipping through the Strait of Hormuz after the war began in February ¹.
2. Sep 9, 2026Iran claimed strikes on U.S. warships and oil tankers; Centcom said no U.S. Navy warship was struck ¹.
3. Oct 22, 2026Iran's IRGC navy said it hit seven vessels; Brent crude topped $111 a barrel ¹².

Sources

1. The Hill, “Iran: 7 ships hit in the Strait of Hormuz” (2026-10-22). thehill.com/policy/defense/6164731-iran-navy-hits-oil-tanker
2. Oilprice.com, “Iran Claims Seven Ships Hit in Persian Gulf as Oil Prices Surge” (2026-10-22). oilprice.com/Latest-Energy-News/World-News/Iran-Claims-Seven

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