Middle East Tensions Escalate: IRGC Reports Oil Tanker Fires Following Sea Mine Strikes in Hormuz

Recent developments in the Middle East have seen the IRGC report that two oil tankers caught fire after striking sea mines in the Hormuz strait. Amidst these tensions, the UKMTO reports that shipping traffic in Hormuz remains 65% below pre-war levels.

In regional security updates, Turkey and Qatar have signed a mutual defence pact, while the Houthis claim an attack on Saudi forces in Jazan province. Meanwhile, the US denies Iran's claim that it attacked early-warning radar in Bahrain.

On the political front, Trump has extended a shipping law waiver for 90 days and called for 'total victory' over Iran in a Veterans Day speech. US Treasury Secretary has stated he is 'not afraid' of Iranian death threats, while US Defence Secretary Pete Hegseth is under scrutiny over the Iran war and was reprimanded at the Tomb of the Unknown Soldier.

Other regional reports indicate that Lebanon has lost 16,000 hectares of land to war. Additionally, Egypt confirms a military presence in Saudi Arabia, and Tom Barrack has delivered a message to Iraq’s Kurdish leaders telling them to 'get over it'.

As the US moves to seal off Iran, Manus on Markets notes that pressure eases after Trump’s comment on war, with Trump signaling that the Iran conflict could end.