Hormuz Ship Attack Sparks Fears Over Global Oil Supplies

A new attack on a ship in the Strait of Hormuz has sparked concerns about oil supplies after Saudi Arabia temporarily closed its East-West pipeline due to a drone attack from Iraq.

The UKMTO, a British navy-affiliated agency, reported that a projectile struck a vessel in the strait, causing a fire and prompting local authorities to evacuate the crew.

The incident came a day after Saudi Arabia closed its East-West pipeline as a precaution following the drone attack. The 1,200-km pipeline has been moving 4 million to 5 million barrels per day, amounting to 4% to 5% of global supply.