US-Iran Conflict Escalates: Oil Prices Soar Amid Shipping Disruptions

The US-Iran conflict has escalated sharply in recent days, with both sides reporting attacks on military infrastructure and commercial shipping vessels. On Tuesday, the US Central Command (CENTCOM) announced that it had destroyed five Iranian oil tankers after Iranian forces attempted to strike a US Navy warship with ballistic missiles.

The US identified the five Iranian vessels as Kaviz, Charminar, Horizon 1, Riesco, and Derya. Iran's Islamic Revolutionary Guard Corps claimed to have attacked two US naval vessels and eight oil tankers near the Strait of Hormuz. However, the CENTCOM denied any damage to US Navy warships.

The UK Maritime Trade Operations agency (UKMTO) confirmed that several merchant vessels in the Northern Arabian Gulf and the Gulf of Oman were hit by disabling fire during overnight military activity. Another vessel near Port Rashid in the UAE was seen listing after what UKMTO described as a possible attack by an unknown projectile.

The conflict has also widened into the broader region, with Houthi forces attacking several facilities in Saudi Arabia. The developments have sent oil prices higher, with Brent crude crossing $100 per barrel and WTI moving above $95 per barrel.