Hormuz Strait Attack Escalates Oil Supply Fears as Saudi Pipeline Closes

A new report of an attack on a ship in the Strait of Hormuz has sparked concerns about threats to oil supplies, adding to existing fears after Saudi Arabia shut down its East-West pipeline due to a drone attack.

The British navy-affiliated agency UKMTO reported that a projectile hit a vessel as it passed through the strait on September 13. The damage and crew status were unknown at the time of reporting.

Saudi Arabia's temporary closure of its East-West pipeline, which carries around 4-5% of global oil supply, comes after a week where Brent crude prices surged above $100 per barrel.