Hormuz Attack Raises Fears of Oil Supply Disruption

A new attack on the Strait of Hormuz has raised concerns about threats to global oil supplies. The UK Maritime Trade Operations reported that a projectile hit a vessel as it passed through the strait, causing a fire and prompting the evacuation of crew members by local authorities.

This incident comes after Saudi Arabia temporarily shut down its East-West pipeline due to a drone attack from Iraq, where Iranian-backed militias operate. The pipeline has been moving 4 million to 5 million barrels per day, accounting for 4% to 5% of global supply.

Ongoing attacks in the Middle East could send energy prices even higher, with Brent crude already surging above $100 a barrel last week. US President Donald Trump suggested that Iran was likely responsible for the attack on the pipeline, but there is no official confirmation.