Global Oil Markets and Strait of Hormuz

A Sri Lankan court has ordered the return to Iran of 84 bodies held at Galle National Hospital after the Iranian frigate IRIS Dena was sunk off Sri Lanka by a U.S. nuclear‑powered submarine using a Mark 48 torpedo—an action U.S. officials publicly confirmed and described as a historic submarine torpedo sinking. Sri Lanka’s navy recovered dozens of bodies (reports count 87) and rescued 32 sailors, took custody of a second Iranian vessel whose crew were offloaded ashore, and the strike has drawn sharp condemnation from Tehran as the wider U.S.–Iran conflict expands into the Indian Ocean.