Iran's state television reported on August 31 that the Islamic Revolutionary Guard Corps (IRGC) stated a Very Large Crude Carrier (VLCC) "caught fire and stopped sailing after being hit by two mines" in the Strait of Hormuz, warning that vessels must comply with its transit regulations. Following this, Brent crude futures rose by 2.5%, briefly exceeding $91 per barrel, while WTI crude gained over 1.7%, breaking above $86. Diesel crack spreads approached $100 per barrel. The U.S. Central Command had previously stated it cleared mines from the Strait of Hormuz waterway and announced the reopening of the shipping lane.