Hormuz Attacks Escalate Regional Conflict Risk, Crude Prices Soar

Shipping disruptions in the Strait of Hormuz have intensified over the weekend as vessels continue to come under attack near Oman and Iran. At least two oil tankers were struck, with one hit by an unknown projectile four nautical miles east of Oman on Saturday and another damaged in its engine room in the Strait of Hormuz on Sunday.

The Iranian parliament speaker Mohammad Bagher Ghalibaf reiterated that the waterway will not reopen until Tehran's seven conditions under the Islamabad Memorandum are met. These demands include a halt to US 'acts of aggression,' an end to the US naval blockade of Iranian ports, and the release of Iranian assets.

The ongoing attacks and regional escalation have driven energy prices higher, with Brent crude settling at $102.25 per barrel and WTI at $91.11 per barrel. The situation is fluid, according to Bader Al-Saif, founding president of Al-Saif Consulting, who notes that the issue is not if the conflict resumes in full force, but when.