Hormuz Strait Attack Sends Oil Prices Soaring
A cargo vessel was struck by an unknown projectile in the Strait of Hormuz early on Tuesday local time, pushing Brent Crude oil prices above $91 per barrel.
The United Kingdom Maritime Trade Operations (UKMTO) reported that the vessel was conducting an outbound transit of the Strait when it was hit. The UKMTO said that the impact caused damage to the engine room and resulted in a crew casualty, but no environmental impact has been reported at present.
The incident occurred amid heightened security concerns as the United States and Iran remain distant in their positions about control over the Middle East's most important shipping lane. Declarations by Iran and the U.S. earlier this week make the prospect of peace in the Middle East even more distant, driving crude oil prices higher.