Iran's state television reported that seven oil tankers either caught fire or were damaged by mines overnight Wednesday into Thursday after being targeted or striking naval mines in the Strait of Hormuz.

For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.

The United Kingdom on Thursday sanctioned 12 oil tankers it identified as part of Russia's shadow fleet, including the 22-year-old Dakar that is currently making an unusual late-season voyage on the Northern Sea Route.