Conflict & security RegionMiddle East Impact Major
Iran IRGC says three tankers on fire in Strait of Hormuz; Houthis deny drone attack
What happened
Iran's IRGC Navy says three tankers caught fire in the Strait of Hormuz. Security sources say a tanker was hit by limpet mines. Yemen's Houthis deny launching a drone after the Saudi-led coalition reported intercepting one in the Mecca region. Qatari mediators presented Iran with a new deal to end the war; Iran's response is expected by the end of the week.
What it means for markets
Oil prices are rising after the tanker attack in the Strait of Hormuz and the earlier Houthi strike on Saudi Arabia's Ras Tanura refinery, both reigniting supply concerns. The US loaned 40 million barrels from the SPR, which may cap near-term gains. Any further escalation threatening Gulf shipping or production could keep oil elevated, but the Qatari mediation effort offers a potential de-escalation path.
AssetExpectedMove since first report
Crude oil USO Supply disruption fears from Strait of Hormuz tanker attack and Saudi refinery strike
▲ Up
+4.37% 161.76 (2026-10-16) → 168.83 (2026-10-30)
Gold GLD Safe-haven demand amid escalating Middle East conflict
▲ Up
-6.87% 382.01 (2026-10-16) → 355.78 (2026-10-30)
US dollar UUP Risk-off flows into US dollar on geopolitical uncertainty
▲ Up
+0.28% 28.92 (2026-10-16) → 29.00 (2026-10-30)
Energy stocks XLE Energy stocks benefit from rising oil prices
▲ Up
+2.61% 68.24 (2026-10-16) → 70.02 (2026-10-30)
What to watch
- Iran's response to the Qatari draft deal by the end of the week
- Any further attacks on tankers or Saudi infrastructure
- OPEC+ output decision at Sunday meeting
Source timeline
- Reuters Iran's IRGC Navy says three tankers catch fire in Strait of Hormuz
- Reuters Oman navy evacuates 25 crew from vessel off Musandam
- Reuters Tanker in Strait of Hormuz hit by limpet mines, security sources say
- Reuters Yemen's Houthis deny launching drone after coalition reports interception in Mecca region
- Reuters Oil set for fourth monthly gain as Hormuz tanker attack highlights supply risks from war
- Reuters US loans 40 million barrels of oil from SPR, in last share of global agreement
- Reuters Yemen's hospitals buckle as fighting escalates
- Reuters Gulf equities mixed as Ras Tanura strike unnerves investors
- Reuters Yemen's Houthis call for immediate evacuation of Aden airport
- investingLive Ethereum trims losses as US-Iran deal optimism improves risk sentiment, while traders await the FOMC decision
- Reuters Qatari mediators present Iran with new deal to end the war, official says
- investingLive Qatari mediators presented Iran with new draft deal; Iran's response expected by the end of the week
- Reuters Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns
- Reuters Yemen's Houthis say they hit Saudi Ras Tanura oil refinery with missile
- Reuters Drone intercepted near Baghdad's Green Zone, military statement says
- Reuters OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say
- BBC Jordan says 'terrorists' killed in Syria in retaliatory strike over church attack
- Reuters Saudi-led coalition says it intercepted Houthi missiles, drones attacking kingdom
- Reuters Egypt approves military support for Saudi Arabia after Houthi attacks escalate
- Reuters Houthis say they attacked East-West oil pumping stations; No Saudi confirmation
- Reuters Saudi, Egyptian stocks sink as Yemen conflict intensifies
- Reuters Yemen's Houthis renew warning against using Riyadh airport
- The Hill Pentagon drafts Iran attack plans as Tehran threatens aggressive retaliation
- Reuters Iran has ramped up efforts to target US personnel, intelligence memo warns
- Reuters Iran's Pezeshkian blames US for interim deal failure, urges new try
- Reuters Saudi civil defense says danger passed after brief alerts for Mecca, Jeddah, Taif and Yanbu
- The Hill DNI warned Rubio of 'advanced' Iranian efforts to target US personnel, memo shows
- Reuters US authorizes emergency release of up to 400,000 oil barrels from strategic reserve
- BBC Israeli forces begin demolishing Palestinian buildings in Hebron after two Israeli soldiers shot dead
- BBC Two killed in Houthi attack on airport in eastern Saudi Arabia, authorities say
- BBC Two killed in attack on airport in eastern Saudi Arabia, authorities say
- Reuters Gulf markets fall as fresh Houthi strikes on Saudi Arabia raise regional risk
- Reuters India's Mideast oil imports return to pre-war levels in September
- Reuters Iran's IRGC Navy says seven vessels hit, warns US of wider response
- businesstoday.in OPEC: How the Iran war reshaped OPEC+ oil output : Saudi Arabia , Iraq and gulf supply in focus
- BBC US orders some diplomats to leave Saudi Arabia as Houthi attacks escalate
- Reuters Oil rises as US orders diplomats to leave Saudi Arabia amid escalating tensions
- Reuters Saudi civil aviation says one killed, eight injured in attack on King Fahd airport
- investingLive US State Department is to prepared to issue a order departure at US embassies in the Gulf
- Reuters EXCLUSIVE: US preparing to issue ordered departure of some personnel from Gulf embassies, say US officials
- Reuters Yemen's Houthis deny launching drones towards Saudi Arabia's Medina
- Bloomberg Oil shipping costs surge sevenfold to over $20 a barrel amid war: Goldman Sachs
- Reuters Oil rises on Middle East supply worries
- BBC Sudan army drones hit mourners and fuel market killing more than 200 people, sources say
- Reuters Death toll from Houthi attack on Yemen training camp rises to 73
- Reuters Airlines cancel flights to Saudi Arabia after Riyadh airport attacks
- BBC Houthi missile strike on Yemen camp kills 50 security recruits, local authorities say
- Reuters Russian attack kills six at park in Kharkiv region, including three children, Ukraine says
- Reuters What's behind Egypt's move towards possible military involvement in Saudi-Yemen conflict?
- Reuters At least 18 killed in Houthi attack on Yemeni government military camp in Shabwa, sources say
- presstv Saudi Arabia bombs house in Yemen Saada , killing and injuring women and children