11 November 2026 | Global Steel News
Despite growing hopes of a reduction in regional tensions, new reports indicate that attacks on commercial vessels in the Strait of Hormuz are continuing. These developments have increased uncertainty surrounding maritime security, insurance and shipping costs, and supply chain planning for regional industries, including the steel sector.
According to Steel World Review, Reuters reported on 10 and 11 November that attacks on oil tankers had continued in the waters around the Strait of Hormuz. According to figures from the Washington Institute for Near East Policy cited by Reuters, 37 vessels were attacked in the Strait of Hormuz and surrounding waters in October, the highest monthly total since the beginning of the war. A further 10 attacks had also been recorded during November as of 11 November.
Tanker Fires Near the Coast of Oman
Reuters reported that it had verified images of an oil tanker managed by Navig8 that caught fire near the coast of Oman. Satellite imagery from the Copernicus Sentinel-2 system also showed extensive smoke at the site of the incident.
Iranian state media, citing the Islamic Revolutionary Guard Corps Navy, reported that three tankers had been targeted for using unauthorised routes. This is the position stated by the Iranian side and should not be treated as independent confirmation of the cause or responsibility for all the incidents.
In another incident, the United Kingdom Maritime Trade Operations (UKMTO) reported that a projectile had struck an oil tanker in waters near Oman. There have also been reports of tankers hitting naval mines, although independent verification of the details of these incidents remains important.
Greater Uncertainty Over Shipping and Insurance Costs
Security restrictions in the Strait of Hormuz affect more than just oil tankers. Continued risks to commercial vessels could influence decisions by shipowners, insurers and shipping companies regarding cargo acceptance and route selection.
LSEG analysts, in a note dated 10 November, emphasised that even if a political agreement is reached, the return of normal shipping flows will depend on the possible clearance of mines, insurance costs and shipowners’ willingness to accept the risks.
Potential Impact on the Steel Industry
For the Gulf steel industry, the security of maritime routes is important for importing raw materials, exporting finished products and scheduling order deliveries.
Higher maritime transport risks could lead to longer shipping negotiations, changes in vessel routes and increased logistics costs. However, the reports reviewed on the recent incidents do not provide a separate figure for increases in freight rates for steel cargoes or the number of steel-carrying vessels affected.
Steel World Review had previously reported on the diversion of a specialised steel plate shipment required by Al Gharbia Pipe in the UAE to Jaigarh Port in India, resulting in a delay of approximately two months in delivery. This case illustrates how maritime disruptions in the region can have a practical impact on steel supply chains, although that incident was separate from the new attacks in November.
Energy Markets Remain Affected by Developments in the Strait of Hormuz
In early trading on 11 November, Brent crude prices rose following the previous day’s decline, reaching approximately $92.20 per barrel. The market continues to fluctuate between expectations of easing tensions and concerns over the continuation of maritime attacks.
For regional steelmakers, changes in energy markets and shipping costs could affect production costs and product competitiveness. The actual impact will depend on each producer’s energy mix, shipping contracts and supply conditions
Sources: Reuters, reports dated 10 and 11 November 2026; Washington Institute for Near East Policy, maritime incident figures cited by Reuters; LSEG, 10 November note cited by Reuters; Steel World Review archive.
