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

Amid rising tensions in the Middle East, a new report of an attack on a ship in the Strait of Hormuz has heightened fears of disruptions to oil supplies. The British navy-affiliated UKMTO reported a projectile had struck a vessel navigating the strategic waterway. However, details regarding the extent of the damage and the crew's wellbeing remained unclear as of early Sunday.

This incident unfolded just a day after Saudi Arabia temporarily halted its East-West oil pipeline, citing a precautionary measure following a drone attack believed to have originated in Iraq. Both Baghdad and Riyadh attributed the incident to Iranian-backed militias. The 1,200-kilometer pipeline, which has become the primary conduit for Middle East oil exports over the past six months, has been rendered a key target amid escalating hostilities.

As concerns mount over potential threats to oil deliveries, the cost of Brent crude surged above $100 a barrel. This week has witnessed a week of heightened volatility and rising prices, underscoring the vulnerability of global energy markets to ongoing regional strife.