New report of attack on Strait of Hormuz shipping fans fears of threats to oil supplies

A recent report of an attack on a vessel in the Strait of Hormuz has reignited fears of threats to oil supplies amid the ongoing Middle East conflict. The British naval-affiliated agency UKMTO reported a projectile hitting a ship as it passed through the Strait, but the extent of damage and crew status remained unclear. The incident comes just after Saudi Arabia temporarily closed its East-West pipeline due to a drone attack originating from Iraq, where Iranian-backed militias operate.

The 1,200-kilometer pipeline has been the primary route for Middle East oil exports, moving 4 million to 5 million barrels daily. This has helped shield Saudi Arabia from the disruption caused by the closure of the Strait of Hormuz, which has been largely shut down due to the ongoing war. No group has claimed responsibility for the pipeline attacks, though U.S. President Donald Trump speculated that Iran was likely behind the strikes.

The recent escalation of attacks, coupled with the surge in oil prices, has raised concerns over the potential impact on global energy markets.