Explosive laden Iranian boats reportedly attacked on Wednesday two fuel tankers in Iraqi waters setting them ablaze and killing one crew member, reports Reuters. This marks an escalation in the war between Iran and the U.S. and Israel, and it has brought shipping along the critical Strait of Hormuz to a virtual standstill.
President Donald Trump has warned that Washington would strike Iran harder if it blocked oil exports, claiming oil companies should use the strait because "just about all of (Iran's) navy is gone."
About a fifth of the world’s oil travels through the strait. Oil shipments traveling through the area have mostly halted since the U.S. and Israel attacks against Iran at the end of February, and oils prices have been fluctuating since.
A barrel of crude before the confrontation was $70. But Monday saw a temporary surge of Brent Crude, the international benchmark for oil pricing, jump to $119.50 per barrel, and the U.S.’s West Texas Intermediate followed suit, spiking to $119.48 a barrel.
The national average this week is $3.60 per gallon, when it was $2.94 one month ago, according to figures from AAA. That change is a 23% jump per gallon.
The Iranian Revolutionary Guards warned that ships traveling through the strait will be targeted. Furthermore, they will not allow one liter of oil be shipped to the U.S. and Israel and their allies if attacks on Iran continue.
Retired Navy Commander Kirk Lippold commanded the destroyer USS Cole when it was attacked by al Qaida terrorists while in port in Yemen in 2000.
"I'm going to be very blunt. I am incredibly frustrated right now at the lack of planning by both Fifth Fleet and CENTCOM in being ready for the event we're experiencing,” states Lippold.
He informs that Iran has stated for decades that in the event of a conflict their military goal would be to shut down the Strait of Hormuz.
“So where was the priority in all these strikes to eliminate that threat?” questions Lippold.
Lippold says the U.S. should have been better prepared.
"These boats are specifically designed and built to do what they're doing. They are designed to get underway and proceed out to a vessel and detonate either by impact or by radio control,” explains Lippold. “The intel community has known about this threat literally for decades. Why didn't we anticipate and do better at getting ready to stop it?"
