Tensions surrounding Iran intensified as US President Donald Trump warned that Washington could take further action within one to two weeks. The developments have increased uncertainty around the Strait of Hormuz, a critical route for global energy shipments, while concerns over Iranian oil exports and maritime security remain elevated.
Trump said the United States was preparing multiple measures against Iran and warned that significant developments could unfold within the next one to two weeks. He said he would prefer not to destroy the rest of Iran but added that Washington could take further action. He also said the US remained prepared to launch additional strikes.
Separately, energy consultancy FGE NexantECA said Iranian oil exports had nearly ground to a halt following US maritime blockade measures. FGE Chairman Emeritus Fereidoun Fesharaki said the prospects of a near-term agreement to end the conflict remained very low, citing differences between Iran‘s demands and the White House’s position.
Strait of Hormuz and Maritime Security Concerns
The Islamic Revolutionary Guard Corps Navy claimed that two oil tankers had struck sea mines and caught fire in the Strait of Hormuz. The IRGC said the vessels were forced to stop and accused them of attempting to use unauthorised shipping channels with US military support. It also declared the strait closed until its stated conditions were met. These claims about the tanker fires and closure announcement had not been independently verified in the supplied coverage.
The maritime situation has also raised concerns about undersea infrastructure. According to the Financial Times, maritime analytics firm Windward tracked at least four Iran-linked vessels taking unusual routes and lingering near undersea cable corridors in the Gulf of Oman. The activity followed Iranian warnings that undersea cables and data centres could be targeted if the US and Israel launched another round of strikes.
Six undersea cables currently cross the Strait of Hormuz, with three more under construction, according to TeleGeography data. Iraq, Kuwait, Bahrain and Qatar rely entirely on undersea cables passing through the strait, leaving their internet connectivity exposed to potential disruptions.
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani also held a phone call with Trump to discuss regional developments and diplomatic efforts. Qatar reiterated the importance of dialogue, freedom of navigation and protecting energy supplies.
Oil Shipping Costs Rise as Supply Risks Persist
The conflict has also increased the cost of transporting crude oil. According to an OPEC brochure, tanker freight rates for crude shipments from the Middle East to East Asia increased 12-fold this year, while insurance costs surged more than 200-fold. Freight and insurance accounted for an average of 30% of the total cost of crude transported along these routes in October, compared with 5% in January.
Brent crude reached $97.67 per barrel after rising around 4% during US trading amid renewed geopolitical concerns. The developments underline the risks facing energy markets if tensions disrupt oil production, exports or maritime transport.
Why is the Strait of Hormuz important?
The strait is a critical global oil shipping route and also carries undersea cable infrastructure used by several Gulf countries.
What did Trump say about Iran?
Trump warned that the United States could take further action against Iran within one to two weeks.
Have Iranian oil exports stopped?
FGE NexantECA said Iranian oil exports had nearly ground to a halt following US maritime blockade measures.
What happened to oil shipping costs?
OPEC reported that tanker freight rates for Middle East to East Asia crude shipments increased 12-fold, while insurance costs rose more than 200-fold.
