Two oil tankers were struck by mines and caught fire in the Strait of Hormuz; Oil hits a five-month high

 Two oil tankers struck mines and caught fire in the Strait of Hormuz, reports the Iranian news agency Tasnim, citing the Islamic Revolutionary Guard Corps (IRGC).

According to the IRGC, the vessels attempted to pass through a restricted area in the southern part of the strait. Upon striking naval mines, both tankers caught fire and were forced to come to a halt.

The IRGC reiterated its warning that transit through the mined area is prohibited, and that those who violate this restriction risk the loss of their vessels and cargo.

"If the U.S. continues its provocations, oil companies will have to pay a much higher price."

•  The market price of Brent crude has risen by more than 2% today and is currently trading in a range between $111.5 and $113 per barrel.

Interestingly, this price increase accelerated following a statement from Iran’s Islamic Revolutionary Guard Corps (IRGC):

"Two tankers that violated regulations caught fire as a result of a mine explosion in an illicit corridor south of the Strait of Hormuz."