Attacks on vessels in the key chokepoint disrupt nearly 20% of global oil and LNG flows, risking higher energy prices and freight costs.
Iranian forces launched missile strikes on commercial vessels in the Strait of Hormuz, hitting two ships and setting a loaded LNG tanker ablaze. The attacks targeted the Nakilat-operated Al Rekayyat, causing significant damage but no reported casualties, according to a U.S. official.
The Strait of Hormuz handles roughly one-fifth of the world’s oil and liquefied natural gas shipments. Even limited disruptions typically raise war-risk insurance premiums and prompt shipping lines to adjust transit schedules, tightening near-term supply and lifting freight costs.
Markets had recently eased concerns over regional conflict, but the renewed attacks risk reviving the risk premium that had begun fading from oil and gas prices in recent weeks.