Strait of Hormuz Attacks Escalate Oil Market Fears
A fresh wave of attacks on shipping in the Strait of Hormuz has sparked concerns over global energy supplies. The latest incident occurred when a ship was reportedly hit by a projectile while transiting the strait, with the UKMTO receiving a report of the attack.
The extent of the damage and the status of the crew are currently unknown. This comes just a day after Saudi Arabia temporarily closed its 1,200-km East-West pipeline as a precaution following a drone attack, possibly from Iranian-backed militias in Iraq.
The pipeline has been carrying four to five million barrels per day, equivalent to between four and five percent of the global supply. The widening Middle East conflict could push energy prices higher after Brent crude surged back above $100 a barrel last week.