Unverified reports are circulating about three ships ablaze in the Gulf of Oman, near the Strait of Hormuz, heightening regional tensions. These claims, accompanied by photos, raise concerns about the stability of this vital waterway.

The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

The intensifying conflict between Israel and Iran has led to tanker owners halting offers for Middle East oil routes, causing freight rates to jump and raising concerns about disruptions to global oil flows.

Kharg Island is a small island in the Persian Gulf. It lies 16 miles off the northwest coast of Iran. It's 451 miles from Tehran, Iran's capital — roughly the distance from Detroit to New York City. It is just five miles long,

Freight rates for VLCCs in the Persian Gulf hit multiweek highs as the conflict between Israel and Iran roils the global shipping market.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

The single European currency is trading near the 1.1550 level in the early hours of Tuesday in a narrow trading range as developments in the Persian Gulf have raised the concerns to high levels.

The last time the United States held a national military parade was in June 1991, timed to welcome returning veterans of the 100-day Persian Gulf War.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

By Ben Aris in Berlin Iran has somewhere between 5,000 and 6,000 naval mines, according to US intelligence estimates, which it could use to block the Straits of Hormuz and halt the flow of a fifth of the world’s oil traffic in a week.