Attacks on oil tankers in the Strait of Hormuz drove Brent crude oil prices above $117 per barrel, marking an 80 percent increase in 2026

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Maritime security officials reported that Iranian forces began deploying guided missiles against commercial shipping in the Strait of Hormuz rather than attack drones

The Islamic Revolutionary Guard Corps reported that seven oil tankers were attacked or hit mines in the Strait of Hormuz overnight into October 22, 2026, followed by two supertankers on October 23

The Islamic Revolutionary Guard Corps Navy reported on October 22, 2026, that seven oil tankers caught fire or were damaged overnight after four were directly hit and three struck naval mines in the Strait of Hormuz

Shipping analysis firm Lloyd's List Intelligence reported 28 attacks on commercial vessels in the Strait of Hormuz during October 2026, the highest monthly total since the Iran war began in February 2026

U.S. Treasury Secretary Scott Bessent stated that reducing energy prices depends on resolving the military conflict with Iran, noting that the United States is experiencing an energy shock

The Islamic Revolutionary Guard Corps Navy threatened on October 22, 2026, to strike U.S. military bases in the Middle East if U.S. forces continue escorting commercial ships through the Strait of Hormuz

U.S. President Donald Trump rejected a ceasefire proposal from Iran that would have reopened the Strait of Hormuz within a week in exchange for ending the U.S. blockade of Iranian ports

Saudi Aramco Chief Executive Officer Amin Nasser stated that capacity on the East-West pipeline bypassing the Strait of Hormuz surged threefold from 2 million to 7 million barrels daily amid the energy crisis caused by the Iran war

Under U.S. Central Command protection, tanker operators have maintained oil flows through the Strait of Hormuz by conducting nighttime transfers with location tracking and mobile phones turned off

International Brent crude oil benchmark prices rose above $111 per barrel on October 22, 2026, as the national average gasoline price in the United States reached $4.27 per gallon

Saudi Aramco Chief Executive Officer Amin Nasser stated that the company has been using drones to assess pipeline damage and assist with firefighting

TeleGeography research director Alan Mauldin stated that less than 1% of global international bandwidth passes through the Strait of Hormuz, limiting global impact if cables there are cut

Yadollah Javani, deputy head of political affairs for Iran's IRGC, stated on October 21, 2026 that Iran could target seven major internet cables beneath the Strait of Hormuz if Iranian infrastructure is attacked

Iran has closed the Strait of Hormuz amid the military conflict with the United States

The U.S. maintains a blockade on Iranian oil export ports while claiming the southern commercial transit route through the Strait of Hormuz remains open under U.S. Navy protection

Houthi military spokesperson Yahya Saree claimed on October 24, 2026 that the group launched attacks against a Saudi Aramco facility in Yanbu, the Rabigh oil refinery, and the East-West pipeline

President Donald Trump blamed Ukrainian drone attacks on Russian oil refineries for rising fuel prices ahead of the November 3, 2026 U.S. midterm elections

U.S. Secretary of State Marco Rubio scheduled a visit to Jamnagar, Gujarat on October 21, 2026 to tour the Reliance oil refinery and the Vantara animal facility

U.S. President Donald Trump suspended certain energy sanctions against Russia and five major buyers of Russian oil, including India

U.S. Secretary of State Marco Rubio stated that the United States will discuss with Reliance Industries the refining of Venezuelan crude oil and oil production in Venezuela