Global Conflict And Energy News

Hormuz shipping crisis peaks as Iran targets US-backed oil shuttle

Iranian attacks on vessels in the Strait of Hormuz have reached their highest intensity since the war began in February, with 24 ships struck in the past two weeks. On Sunday alone, six vessels were hit, including tankers owned by Chinese and South Korean firms and an Indian container ship. This surge coincides with Tehran’s explicit threat to disrupt a US-assisted 'shuttle' system that allows Gulf states to export oil via the Gulf of Oman. Consequently, oil flows through the strait have plummeted to 2.9 million barrels per day, while global supertanker rates hit a record $805,000 per day as owners avoid the conflict zone.