Hormuz Attack Escalates Fears Over Oil Supply Threats

A new report of an attack on a ship in the Strait of Hormuz has added to concerns about Iran-related threats to global energy supplies.

The UKMTO, a British navy-affiliated agency, reported that a projectile hit a vessel as it moved through the strait, causing a fire and forcing the crew's evacuation by local authorities.

This incident comes after Saudi Arabia temporarily closed its East-West pipeline due to a drone attack, which both Baghdad and Riyadh claimed originated in Iraq where Iranian-backed militias operate.

The ongoing attacks in the Middle East war could send energy prices higher, as seen last week when Brent crude surged back above $100 a barrel.