BY THE HARBORMASTER · TANKERBRIEF DESK · ENERGY AND SHIPPING ANALYSIS
SCENARIO PROBABILITIESUpdated: Jul 12, 2026
The follow-through gap that anchored every prior tree, closure threatened across 134 days and executed zero times, finally broke: a formal IRGC declaration now sits alongside an enforcement strike with a probable casualty, which is why the escalation family (Paths 3-5) carries 50% against the 30% yesterday's fork assigned it. The counterweights come from the same 135 days: casualty-free multi-front barrages have twice functioned as choreographed final salvos before de-escalation, Saudi Arabia was deliberately spared a third time, and both sides committed to continuing talks the day the missiles flew. The vacant-veto dynamic explains the tree's shape rather than picking a side: the IRGC declared the closure while Araghchi was in Muscat negotiating transit mechanisms, so it is either factional posture that erodes or proof nobody in Tehran can call enforcement off. Net: managed outcomes 50%, kinetic escalation 50%, where yesterday's tree ran 70/30 the other way.
Paper Blockade28%
No successful interdiction inside a week, dark transits resume, Iranian language softens to conditional passage$76-82
The Omani Partition22%
Washington engages the two-corridor draft, a dated Muscat session lands before Jul 17, enforcement quietly suspended$71-76
Bridges and Power Plants20%
A confirmed fatality, or a fourth wave naming energy, economic, or leadership targets$88-100
Convoy Collision18%
US escorts operationalize the southern corridor; Iran fires on the Navy or exposes the closure as bluff$84-92
The Saudi Exception Ends12%
Saudi territory or Aramco struck, coordinated proxy opening, or mining beyond the strait$90-105+
Washington's deadline expired Saturday night into silence from Muscat, and the silence lasted only hours. On deadline day itself the IRGC struck the Cyprus-flagged container ship GFS Galaxy over what it called an "unauthorized route"; CENTCOM attributes the strike to the IRGC and reports significant engine-room damage with one crew member missing. Hours later came the war's first formal declaration that the Strait of Hormuz is "closed until further notice and until the end of the American interventions." CENTCOM answered Saturday night with a third strike wave of ~140 targets, taking three nights past 300 aimpoints, and Iran answered that on Sunday morning with the widest salvo of the war: Qatar, the UAE, Bahrain, and Kuwait simultaneously, with Jordan reporting three missiles separately. Yesterday's brief gave the escalation fork 30% and specified it as "no statement, third wave inside 24-72 hours"; the weekend delivered that plus a closure declaration, an enforcement strike with a probable casualty, and a four-country barrage. Crude futures reopen ~6pm ET tonight against a $76.01 Friday close that predates every one of those events. This report supersedes the July 8 tree and models the next 7-14 days.
DEVELOPMENTS SINCE THIS BRIEF
JUL 13+1DAY
Iran Rejects Ultimatum, Widens Strikes to Oman as Brent Jumps
Iran rejected Washington's reopening ultimatum, declared the Strait of Hormuz closed, and widened retaliation to five Gulf states including Oman's first undisputed strike of the war. Brent posted its sharpest move since the deadline was set as deal-collapse odds rose to 70-75%.
JUL 14+2DAYS
UAE Struck for the First Time as Trump and Iran Both Claim Hormuz
Iranian missiles struck two UAE-flagged tankers inside the corridor JMIC had called safe, the first fatality from a direct vessel strike this crisis, hours after Trump declared the US Guardian of the Strait and Iran answered with a competing claim of its own. Brent broke 14% higher on the week as deal-collapse odds rose to 85-90%.
JUL 15+3DAYS
Houthis Enter the War and the Yanbu Bypass Loses Its Hedge
Houthi missiles struck Saudi soil for the first time this crisis, and the group is brandishing Bab el-Mandeb, the chokepoint under every barrel of the 2.5M bbl/day Yanbu bypass, while the US blockade took effect without a single enforcement action. Brent sat nearly flat at $85.43, pricing the war it can see but not the Red Sea exposure.