New ship attack report deepens fears over Hormuz, global oil supplies

Concerns over global oil supply disruptions deepened on Sunday following a reported projectile strike on a vessel in the Strait of Hormuz, just a day after Saudi Arabia briefly closed its key East-West oil pipeline due to a drone attack. The United Kingdom Maritime Trade Operations (UKMTO) received a report of a projectile hitting a vessel in the Strait of Hormuz, though the extent of the damage and the crew's condition were not immediately known.

This comes amid reports that Saudi Arabia temporarily shut its 1,200-kilometer East-West pipeline after a drone attack, claimed by Saudi Arabia and Iraq to originate from Iran-backed militias. The pipeline, which carries 4% to 5% of global oil supply, has been a vital alternative export route since the Strait of Hormuz has largely been closed due to ongoing conflict.

Meanwhile, satellite imagery showed smoke from pipeline damage south of Medina, with the Saudi Foreign Ministry reporting injuries and damage. Iran's Foreign Ministry stated Iran would attend a Gulf Arab meeting in Oman on Monday to discuss the future of the Strait of Hormuz, though a breakthrough seemed unlikely given Iran's conditions.