The CEO of Italy's Eni said the oil market has shown no signs of concern about the closure of the Strait of Hormuz and prices have not yet reached levels above $80. He said the closure of the Strait would primarily harm Iran and increase the likelihood of US intervention.
Rising concerns about the escalation of military conflict between Iran and the Zionist regime and the possibility of disruption to oil supplies from the key Middle East region increased oil prices.
Three oil tankers caught fire near the Strait of Hormuz amid rising tensions between Iran and Israel; Ambrey Maritime Security confirmed the incident, and NASA has recorded three active fire spots in the area.
The cost of transporting oil by supertankers from the Persian Gulf to East Asia has increased by 60 percent in the wake of rising tensions between Iran and Israel. The ship booking market has been brought to a virtual standstill, with many Iranian tankers moving further away from ports, as the risk of crossing the Strait of Hormuz and concerns about disruption to maritime traffic have increased.
Rejecting rumors of an attack or sabotage in the recent fire incident on three oil tankers near the Strait of Hormuz, Ambrey Maritime Security Company announced that the incident was not a "security" incident and likely occurred due to a technical collision between two vessels.
Throughout contemporary Iran, workers in the oil, gas, refining and distribution, and petrochemical industries have always been at the forefront of serving the people and the country. They have been silent contributors to national security, not only by producing energy, but also by sustaining the country's economic and industrial life.
Experts say that if Iranian oil exports are disrupted, Chinese refineries will be forced to use alternative oil from the Middle East or Russia, which will increase freight rates, tanker insurance, reduce the Brent-Dubai price differential, and put pressure on refinery profit margins, especially in Asia.
According to data from the international institute Kpler, total exports of crude oil and petroleum products through the Strait of Hormuz reached more than 21 million barrels per day in May 2025.
A fire has broken out in a storage tank for petroleum products at the Naftkan oil depot, and efforts to extinguish and contain the fire have begun. A fuel tank in southern Tehran was also hit by a projectile.
The Iranian Foreign Minister said in a meeting with ambassadors and representatives of foreign countries in Tehran: "The attack on Assaluyeh is a clear aggression and a very dangerous act. Dragging the conflict to the Persian Gulf is a strategic mistake and its goal is to drag the war outside of Iranian territory."
