# Tankers hit near Hormuz as Trump rejects Iran's terms for reopening the strait

Tehran wants the US naval blockade lifted, oil export curbs eased and frozen assets released in exchange for a seven-day reopening. Riyadh's main airport has been shut since a deadly Houthi attack on October 10.

- Published: 2026-10-18T05:07:38.100Z
- Canonical: https://polylog.news/2026-10-18/tankers-hit-near-hormuz-as-trump-rejects-iran-s-terms-for-re
- Publisher: Polylog (Global desk)
- Section: geopolitics
- Sources: [Investing.com](https://www.investing.com/news/economy-news/iran-war-tankers-hit-near-hormuz-as-tehran-offers-us-reopening-plan-4955749), [OilPrice](https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Stay-High-as-War-Keeps-Supply-Tight-Into-2027.html), [Antara](https://en.antaranews.com/news/436225/indonesia-urges-airlines-to-aid-passengers-amid-riyadh-closure), [OilPrice](https://oilprice.com/Energy/Natural-Gas/Middle-East-Chemicals-Keep-Their-Cost-Edge-Despite-Hormuz-Crisis.html)

Iran's Islamic Revolutionary Guard Corps (IRGC) said [two supertankers struck naval mines on Saturday and caught fire](https://www.investing.com/news/economy-news/iran-war-tankers-hit-near-hormuz-as-tehran-offers-us-reopening-plan-4955749). The Iranian navy separately reported a tanker burning in the Gulf of Oman. The United Kingdom Maritime Trade Operations (UKMTO) agency reported two attacks on tankers near Saudi Arabia on Friday, one of them involving a rocket-propelled grenade fired from a small boat. No party has publicly said who laid the mines.

Abbas Araghchi, Iran's foreign minister, said Tehran had sent Washington a seven-day plan through Qatar. Under it, Iran would restore navigation if the United States lifts its naval blockade, eases restrictions on Iranian oil exports and releases some frozen Iranian assets. Tehran also demands an end to hostilities "on all fronts," including Israel's operations in Gaza and Lebanon. Iranian outlets [first set out the sequence in late September](https://www.mashreghnews.ir/news/1841675). Iran says the strait would open on day six, and the United States would join a final agreement on day seven. Trump called the terms "unacceptable." He argued that the United States controls the strait and that Iran is the side that needs a deal.

The conflict has also affected targets beyond shipping lanes. Saudi Arabia's King Khalid International Airport in Riyadh has been closed since [an October 10 Houthi attack that killed 13 people](https://www.khaleejtimes.com/business/over-3000-saudi-flights-cancelled-in-a-week-as-houthi-attacks-shut-riyadh-airport), and more than 3,000 Saudi flights were cancelled in a week. Indonesia, which sends large numbers of pilgrims to the kingdom, has [urged airlines to uphold the rights of stranded passengers](https://en.antaranews.com/news/436225/indonesia-urges-airlines-to-aid-passengers-amid-riyadh-closure).

Oil traders have changed their assumptions. For the first three months of the US and Israeli war with Iran, the market assumed the conflict [would end soon](https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Stay-High-as-War-Keeps-Supply-Tight-Into-2027.html). It now expects supply to stay tight into 2027. Gulf petrochemical producers keep [their long-term cost advantage](https://oilprice.com/Energy/Natural-Gas/Middle-East-Chemicals-Keep-Their-Cost-Edge-Despite-Hormuz-Crisis.html), but buyers are already moving polymer purchases to other regions while Gulf output is constrained.

## What this means

Mines and small-boat attacks work through insurance and freight costs more than through sunk ships. Each incident raises war-risk premiums for every Gulf cargo, and Asian importers carry most of that cost. Iran's offer bundles the blockade, its oil exports, frozen assets, Gaza and Lebanon into one package. Each extra condition is a separate concession Washington would have to sell at home, so a quick deal is less likely than headlines about "talks through Qatar" suggest. Each side claims the leverage. Iran can impose costs on shipping at low expense, and the United States can keep the blockade in place. The precedent is the 1987-88 Tanker War, when mines struck the reflagged tanker Bridgeton and later the frigate Samuel B. Roberts, and shipping continued under escort at higher cost until a ceasefire in August 1988. The desk's read is that the strait stays restricted for weeks, not days, and the Gulf risk premium in crude persists through the US midterms. This depends on neither side accepting a partial package. The read would be wrong if Washington agrees to a staged easing of the blockade through Qatar in exchange for a verified halt to attacks on tankers.

## What to watch

- Whether UKMTO reports more attacks off Saudi Arabia's coasts. More attacks would show the threat is moving onto routes that Gulf exporters use to bypass Hormuz.
- When Riyadh's main airport reopens. A longer closure would show Houthi strikes can disrupt the Saudi economy as well as shipping.
- Any Qatari statement on a US reply to Iran's plan. That would show whether the plan is under negotiation or has been set aside.