3 CARGO SHIPS WERE ATTACKED IN THE STRAIT OF HORMUZ. The vessels were reportedly targeted as they attempted to cross the Strait. Two ships were damaged while a third was set ablaze forcing the crew to evacuate. Following the news, Brent crude climbed back above $90. But the bigger story is what’s happening around the Strait itself: 1. The US Navy has declined escort requests from commercial vessels. 2. Officials reportedly believe the risk of attack is too high. 3. Iran is also believed to have planted naval mines in the Strait. If triggered, those mines could detonate against passing ships. All signs point to one thing: The Strait of Hormuz remains effectively closed.