Projectile sinks Indian-flagged ship off Yemen coast

An Indian-flagged vessel, the MSV Faize Noore Oliya, capsized and sank after being struck by a projectile off the coast of Yemen, according to officials. All 14 individuals on board, including 13 Indian nationals, were rescued safely, reported India's Shipping Minister Sarbananda Sonowal. Sonowal condemned the "unprovoked attack" and vowed to take measures to ensure the safety of seafarers in the region.

The incident is the latest in a series of attacks on vessels in the Red Sea, an alternative waterway utilized by some tankers since Iran closed the Strait of Hormuz in February. Analysts now warn that threats to oil tankers in the Middle East are at their highest since the start of the Iran war. India's Ministry of External Affairs released a statement deeming attacks on commercial shipping in the region "deeply worrisome" and emphasized the restoration of free and unimpeded navigation and commerce through international waterways, in accordance with international law.

Since the US and Israeli strikes on Iran in late February, much of the region's shipping routes have been disrupted. Iran subsequently blocked the Strait of Hormuz, a crucial oil shipping channel, causing significant fluctuations in global oil prices. Some Saudi oil tankers had previously bypassed the Strait by using the Red Sea, but a recent wave of attacks by Yemen's Houthi fighters on Saudi tankers has increased the risks in the area.

The Houthis denied carrying out the attack, which allegedly involved a boat loaded with explosives. The Houthis imposed a blockade on Saudi Arabia's Red Sea ports on July 20. Despite numerous attacks on ships in the region during the past week, oil prices saw a three-week low due to senior US officials expressing hope for a deal with Iran to reopen the Strait of Hormuz.

Following the signing of a 14-point Memorandum of Understanding between the US and Iran in June, former US President Donald Trump abandoned the ceasefire after Iranian attacks on ships, leading to retaliatory US strikes. US officials stated that talks have made progress, with Treasury Secretary Scott Bessent suggesting a possible deal to reopen the Strait as early as Tuesday or Wednesday. Iran has firmly refused to negotiate with the US and is instead engaging in discussions with Oman.