Cargo ship incident sparks oil market concerns
A cargo vessel was hit by an unknown projectile near the Strait of Hormuz.
The incident occurred 20 nautical miles northeast of Al Khasab, Oman, and vessels have been advised to transit with caution.
Unconfirmed reports of drone strikes on US assets in Kuwait have also emerged, raising the stakes in the region.
The combination of these incidents is likely to trigger a risk premium in oil markets, even before details are verified.