South Korea has launched an investigation after a fire broke out aboard the Panama-flagged vessel HMM Namu in the Strait of Hormuz. The incident comes amid heightened tensions following a joint US-Israel attack on Iran and a US naval blockade aimed at securing navigation in the critical waterway.
No casualties have been reported, but Seoul is probing potential missile or mine involvement. The Strait of Hormuz handles a substantial portion of global oil and LNG shipments, and any sustained disruption could rattle energy markets.
The fire has cast doubt on predictions for normal traffic flow by the end of June, with market odds currently reflecting deep skepticism. All eyes are on the US Navy and Iran's next moves, as well as any statements from President Trump or Iranian officials.