Iranian missiles hit two UAE tankers in Hormuz — Reuters

The United Arab Emirates (UAE) Ministry of Defence said that two UAE national tankers, the Mombasa and Al Bahiyah, were targeted by two Iranian cruise missiles in the southern lane of the Strait of Hormuz, in Omani territorial waters, Reuters reported on Tuesday. The source added that one Indian crew member was killed and eight others were wounded.

The UAE condemned what it called a "blatant attack" and said the country retained "its full right to respond to this escalation." The ministry further stated that the UAE remained fully prepared to deal with any threats and was taking all necessary measures to respond firmly to any attempts to undermine the country's security and stability.

Market reaction

Crude oil prices attract some buyers following this headline. At the time of writing, the West Texas Intermediate (WTI) is up 10.40% on the day at $78.85.