Crude oil prices climbed sharply on Tuesday following reports that a commercial vessel was struck by an unidentified projectile while navigating the Strait of Hormuz.
The incident, confirmed by multiple wire services including CNBC and The Straits Times, marks a significant escalation in maritime violence at one of the world's most critical energy chokepoints.
The attack on a cargo vessel underscores the growing vulnerability of shipping routes in the region, where approximately 20% of the world's oil supply passes daily.
Brent crude futures rose in the session as traders priced in heightened risks to global oil flows.
The attack on a cargo vessel underscores the growing vulnerability of shipping routes in the region, where approximately 20% of the world's oil supply passes daily.
Market participants are closely monitoring the situation for signs of further disruption to tanker movements.
This development follows a series of escalating tensions in the Strait of Hormuz.