Commodities
Hormuz Attacks Test Global Oil Supplies as Tensions Escalate
A series of attacks in the Middle East have heightened concerns about oil supply disruptions. The latest incidents include a projectile hitting a vessel in the Strait of Hormuz, causing a fire and forcing the crew to evacuate, according to UKMTO.
The Saudi East-West oil pipeline was shut after a drone attack, which has led to estimates that up to 4% of global oil supply could be jeopardized. This is on top of millions of barrels already lost due to disruptions in the Strait of Hormuz.
Saudi Arabia's crown prince asked US President Donald Trump for military aid to fight the Houthis, but was offered only intelligence support at this time.