All posts tagged: oil markets

Iran lays mines in Strait of Hormuz

Iran lays mines in Strait of Hormuz

Iran has laid at least a dozen mines in the Strait of Hormuz, US intelligence officials have claimed. Some 20 per cent of the world’s oil is shipped through the narrow passageway, but the flow has been paralysed because of Iranian threats to tankers off its coast. Now, US officials have reported that there are at least a dozen Maham 3 and Maham 7 Limpet Mines in the water, which will need careful extraction before safe travel can resume. The Iranian-manufactured Maham 3 is a moored naval mine that uses magnetic sensors to detect nearby vessels without physical contact, while the Maham 7 Limpet Mine is a compact, high-explosive sticking mine. The intelligence assessment, first reported by CBS, follows Donald Trump’s announcement of a five-day ceasefire on Iranian energy targets on Monday, after he said peace talks with the Islamic Republic were progressing. The US president later declared he would “jointly control” the Strait of Hormuz with Iran, adding that he was talking with a “respected” Iranian leader who would be “exactly what we’re looking …