US military destroys five Iranian crude tankers after IRGC missile attack on Navy warship

The US military says it destroyed five Iranian crude oil carriers in the Strait of Hormuz after Iran's Revolutionary Guard Corps (IRGC) fired ballistic missiles at a US Navy warship. Secretary of State Marco Rubio said 'every time Iran tries to hit US Navy ships it will lose tankers.'

Why this matters. The tanker-for-tanker retaliation cycle between Washington and Tehran directly reduces the number of vessels able to transit Hormuz, tightening global crude supply during an already sharp price rally.