Tankers Attacked in Strait of Hormuz as Oil Prices Soar

Two oil tankers were attacked in the Strait of Hormuz on Monday night, just minutes apart. The Saudi-flagged Sidr and Liberia-flagged Senegal Prosperity, each carrying about two million barrels of crude oil from Saudi Arabia's Juaymah terminal, were hit by 'unknown projectiles' while passing through the strait near midnight.

The attacks occurred northeast of Khasab, Oman, with the Marisks ship tracking firm reporting that the Sidr was struck first. The Senegal Prosperity was hit a few minutes later, with three projectiles striking its port side, engine room, and ballast tank.

Aramco has been selling oil from Juaymah and Ras Tanura via ship-to-ship transfers off the coast of Fujairah since their respective terminals were reactivated in mid-August and June. Despite this, the attacks have raised concerns about the security of the Strait of Hormuz, a critical chokepoint for global oil supplies.

Oil prices rose on Monday and Tuesday as markets reacted to the renewed hostility in the Strait of Hormuz, with Brent crude reaching $91.48 per barrel and West Texas Intermediate hitting $86.97 per barrel.