Hormuz Attack Raises Energy Supply Fears Amid Global Market Pressure
The recent attack on the Strait of Hormuz has raised fresh concerns about global energy supplies. A projectile struck a vessel traveling through the strategic waterway, sparking fears of disruptions to major shipping routes.
Saudi Arabia's temporary closure of its East-West oil pipeline after a drone attack has also added pressure to energy markets. The 1,200-kilometer pipeline carries between four and five million barrels of oil daily, equal to around four to five percent of global supply.
US President Donald Trump suggested that Iran was probably behind the incident, while Saudi Crown Prince Mohammed bin Salman asked for US military assistance during a phone call. However, Trump said Washington would not intervene directly but provide intelligence support instead.