U.S. Disables Iran-Bound Ship
A Hormuz blockade escalates as U.S. forces strike a ship and IEA warns of oil market pain.
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U.S. forces fired Hellfire missiles at the Panama-flagged Vela Nova on Aug. 12, disabling its steering gear after U.S. officials said the cargo ship tried to breach the U.S. blockade of Iranian ports. The Pentagon did not say whether sailors were killed or injured, while President Trump said U.S. forces were in “total control” of the Strait of Hormuz. The IEA cut its 2026 oil demand forecast by another 510,000 barrels a day, now projecting a 1.6 million-barrel-a-day drop as Hormuz and Bab el-Mandeb disruptions sustain high fuel prices.
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