Global oil prices have climbed back above $90 a barrel after a cargo vessel was struck by a projectile in the Strait of Hormuz, intensifying fears that the escalating conflict involving Iran could trigger a prolonged disruption to one of the world’s most critical energy shipping routes.
Brent crude, the international benchmark, rose sharply to around $92.34 a barrel, recovering from earlier losses and extending the dramatic volatility seen across energy markets over the past 48 hours. The latest surge followed reports from the United Kingdom Maritime Trade Operations (UKMTO) that a commercial cargo ship had been hit by an unidentified projectile in the Strait of Hormuz, causing a fire onboard.
The incident is the latest in a series of attacks targeting vessels in the Gulf region, underscoring the growing risks to global oil and gas supply chains as the Middle East conflict intensifies.
Shipping through the Strait of Hormuz, a narrow waterway between Iran and the United Arab Emirates that typically carries around one-fifth of the world’s oil exports, has almost completely halted as commercial operators weigh the risks of operating in the area.
Peter Aylott, director of policy at the UK Chamber of Shipping, said attacks on vessels have been indiscriminate and spread across the region, including incidents near Kuwait and in the western Persian Gulf.
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