What happened: Iran seized a British-flagged tanker, the Stena Impero, while it was sailing in the Strait of Hormuz on Friday. UK and US officials quickly denounced the move as a reckless violation of international norms.
Iranian media reported Saturday the Stena Impero had been involved in an accident with a fishing boat, and that the ship had been taken to Bandar Abbas Port. The 23-man crew -- made up of Indian, Russian, Latvian and Philippines nationals -- will remain on board until Iranian authorities finis investigating the incident, Iran's Fars news agency reported.
What the UK said: Foreign Secretary Jeremy Hunt called the seizure "unacceptable" and said "it is essential that freedom of navigation is maintained and that all ships can move safely and freely in the region."
The UK Foreign Office also advised ships to "stay out of the area" for the time being.
Why it matters: The seizure comes amid a dangerous standoff between Iran and the US.
The Strait of Hormuz is one of the most important points of traffic for the world's oil supply chain. If this standoff were to continue to affect traffic in the strait, it could seriously hamper the global economy.
Richard Meade, the managing editor of the influential shipping industry publication Lloyds List, said the Stena Impero's seizure is "probably the highest level security threat that we have seen in the region since the late 80s."