Middle East Tensions Spike as Gulf Attacks Disrupt Global Oil Supplies
New attacks on Saudi Arabia and ships in the Gulf have heightened tensions in the Middle East, further disrupting global oil supplies. The British maritime security agency UKMTO reported that a vessel was struck by a projectile while traveling through the Strait of Hormuz, resulting in a fire and crew evacuation.
The incident occurred as Yemen's Houthis claimed to have struck a Saudi military base in a neighboring province, adding to the growing list of attacks on Saudi infrastructure. The Houthis also captured Perim Island, which lies in the Bab El-Mandeb strait that controls the mouth of the Red Sea.
Saudi Arabia has enough oil stored at its Red Sea port of Yanbu to maintain exports for five to seven days if the pipeline remains shut. However, this would leave up to 4% of global oil supply at risk of being jeopardized, in addition to the millions of barrels already lost due to disruption in the Strait of Hormuz.