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Iran’s Islamic Revolutionary Guard Corps Navy said two oil tankers struck mines near the Strait of Hormuz, according to Iranian state television. The announcement puts the world’s most important oil chokepoint back in focus, with roughly a fifth of global petroleum consumption typically moving through the narrow waterway. Traders will watch crude prices, tanker rates and insurance costs for signs of disruption, along with any confirmation of the blasts and further details on vessel damage and crew safety.

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Strait of Hormuz, IRGC Navy, Iran, oil tankers