Report of attack on Strait of Hormuz shipping fuels oil supply risks
Ongoing attacks in the widening Middle East war could send energy prices even higher
On Sunday, reports emerged of a possible attack on a ship within the Strait of Hormuz, contributing to worries about potential threats to global energy supplies due to Iran-related incidents following Saudi Arabia's closure of a significant oil pipeline. The United Kingdom Maritime Trade Operations (UKMTO), a British navy-affiliated agency, disclosed a report of a projectile striking a vessel in the strait, leading to a fire and subsequent evacuation of the crew.
This report came the day after Saudi Arabia announced a temporary closure of its East-West pipeline as a precautionary measure following a drone attack, believed to originate from Iraq, where Iranian-backed militias are active.
The 1,200-kilometer East-West pipeline, which has been the primary conduit for global shipments of Middle Eastern oil for the past six months, currently transports 4 million to 5 million barrels per day, constituting 4% to 5% of the world's oil supply, safeguarding Saudi Arabia from the repercussions of the ongoing disruptions in other Gulf oil and gas exporters.
No immediate claim of responsibility has been made for the pipeline attacks. Satellite imagery revealed smoke emanating from an area near Medina, with damage and injuries still under assessment by the Saudi Foreign Ministry.
Following the attack, US President Donald Trump, who was in Ireland for a golf tournament, indicated that Iran was likely responsible for the strikes. Saudi Civil Defence reported that a projectile fired by the Houthis had injured two individuals in the Jazan region and caused damage to several buildings, including a mosque. Iran's state media reported that an Iranian commercial vessel was hit off its southern coast early on Sunday, resulting in one fatality and three injuries, though they did not provide additional details.
Al Masirah TV, broadcast by the Houthis, claimed that Saudi Arabia carried out three airstrikes in the al-Rubaie area of Taiz province in southwestern Yemen. However, Saudi Arabia has not officially confirmed these reports.
Meanwhile, Iran has expressed concern over the escalating tensions in the Middle East, particularly the recent conflict between the US and Iran. The Houthis have also advanced along the Red Sea, potentially granting Iran leverage over the region's primary oil shipping routes. The United Nations has expressed concern over the situation at the Strait of Hormuz amid the escalating tensions between the US and Iran.
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