The tanker, owned by National Iranian Oil Company, had suffered heavy damage and was leaking oil into the Red Sea some 90km from Jeddah, unnamed sources told Iran's Students News Agency ISNA.
It said the blasts were "probably caused by missile strikes".
Mysterious attacks on oil tankers near the Strait of Hormuz, Iran shooting down a USA military surveillance drone, and other incidents across the Middle East followed President Donald Trump's decision. It added that the crew is safe and the ship is in stable condition.
Iranian media earlier reported that an explosion had set the oil tanker on fire.
China lowers expectations for United States trade talks
That would extend to import taxes to virtually everything China ships to the United States. Both sides were due to dine together on Thursday evening.
We'll all leave pitch if racially abused, says England striker
" Harry Kane even said that if we're not happy, if a player is not happy, we all come off the pitch together". Don't isolate one person, we're a whole team.
Next generation PlayStation VR headset could be wireless
Talking of which, Sony's silence concerning PSX appears to recommend one other yr will move with out the fan occasion happening. The "more" refers to something I'm quite excited about - a preview of the new controller that will ship with PlayStation 5 .
"Experts believe it was a terrorist attack", the news report said.
Lt. Pete Pagano, a spokesman for the U.S. Navy's 5th Fleet overseeing the Mideast, said authorities there were "aware of reports of this incident", but declined to comment further.
Saudi Arabia, which is locked in several proxy wars in the region with arch foe Iran, has blamed Tehran for attacks on Saudi oil plants on September 14, a charge Iran denies.
The attack was claimed by Yemen's Iran-backed Shi'ite Huthi rebels, but Saudi Arabia, the United States, and Western European countries have blamed Iran.
The reported explosion comes after the USA has alleged that Iran attacked oil tankers near the Strait of Hormuz, something denied by Tehran.