SHIP SINKS IN HORMUZ AS IRAN TARGETS TRANSFERS , PUSHES CORRIDOR

What happened: The Singapore-flagged container ship GFS Pride sank in the Strait of Hormuz after being struck on Tuesday, with all 21 crew evacuated. Iran's Revolutionary Guard said it hit a naval mine; UKMTO attributed it to an unidentified projectile. Key numbers: 2,824-TEU vessel built in 2008; 21 crew evacuated; second Why it matters: The sinking marks the worst single day for shipping in the strait since the war began, with analysts saying Iran is deliberately targeting ship-to-ship oil transfers. The IEA warned record tanker rates are squeezing Asian refiners dependent on Gulf crude.

The Singapore-flagged container ship GFS Pride sank in the Strait of Hormuz after being struck on Tuesday, with all 21 crew evacuated. Iran's Revolutionary Guard said it hit a naval mine; UKMTO attributed it to an unidentified projectile.

The sinking marks the worst single day for shipping in the strait since the war began, with analysts saying Iran is deliberately targeting ship-to-ship oil transfers. The IEA warned record tanker rates are squeezing Asian refiners dependent on Gulf crude.