Economy · World

Oil tanker explodes in Strait of Hormuz after hitting mine

An oil tanker exploded in the Strait of Hormuz after reportedly striking a naval mine. Iranian media claimed the tanker deviated from its designated maritime route, leading to the incident. The event has raised fresh security concerns in the Gulf region. In response to escalating risks in the Strait of Hormuz, Indian refiners have halted oil loadings from Iraq. Shipping insurance rates are also reportedly rising due to the crises in Hormuz and the Red Sea.

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