A Qatari liquefied natural gas (LNG) tanker is at risk of exploding after Iran fired missiles at vessels in the Strait of Hormuz overnight, according to reports from the Australian Financial Review and Brecorder.
A Saudi-flagged crude oil tanker was also damaged in the incident, marking a direct escalation of hostilities against commercial shipping in the critical waterway.
The attack intensifies fears of a prolonged supply disruption in the Strait of Hormuz, through which roughly a fifth of the world's oil consumption passes.
Markets are likely to react to the immediate threat to LNG and crude flows, with Brent crude and natural gas prices facing upward pressure as traders price in the risk of further closures or insurance spikes.
This development follows a sharp escalation in regional hostilities, including new US military strikes on targets in Iran just hours after a commercial tanker was previously struck in the same corridor.
The incident underscores the fragility of global energy supply chains amid ongoing US-Iran tensions.
Previous diplomatic efforts in Doha had stalled, leaving the risk premium intact as peace talks failed to resolve the underlying security concerns. The direct targeting of commercial vessels raises the stakes for shipping insurers and freight rates, potentially forcing rerouting of tankers around the Cape of Good Hope, which would add significant time and cost to deliveries.