Hormuz Strait Attack Sparks Oil Price Fears Amid Saudi Pipeline Shutdown

A new attack on a ship in the Strait of Hormuz has raised concerns about threats to energy supplies, following Saudi Arabia's shutdown of its East-West oil pipeline.

The UK Maritime Trade Operations (UKMTO) reported that a projectile hit a vessel as it moved through the strait, but the extent of damage and crew status were unknown.

Saudi Arabia had previously shut down its 1,200km East-West pipeline, which moves 4-5 million barrels per day, or 4-5% of global supply, after a drone attack that both Baghdad and Riyadh said originated in Iraq.

The attacks have sent energy prices soaring, with Brent crude surging back above $100 a barrel. US President Donald Trump suggested Iran was likely responsible for the strikes.