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Oil Prices Surge as Attacks Near Strait of Hormuz Disrupt Global Shipping. Global oil prices have jumped after multiple ships were attacked near the Strait of Hormuz, a critical route that carries around 20% of the world’s oil and gas. The UK Maritime Trade Operations said two vessels were struck by unknown projectiles, causing fires, while a third explosion occurred close to another ship. Iran’s Islamic Revolutionary Guard Corps claimed three UK and US-linked tankers were hit, though neither government has confirmed this. Tensions have escalated after US-Israeli strikes killed Iran’s Supreme Leader, Ali Khamenei, triggering retaliatory attacks across the region. Oil prices briefly surged more than 10% in early Asian trading before easing. Analysts say markets aren’t in full panic mode yet, as key oil infrastructure hasn’t been directly targeted. But shipping traffic has slowed dramatically, with over 150 tankers anchored outside the strait. If the waterway remains effectively closed, experts warn oil prices could climb above $100 a barrel. Meanwhile, major shipper Maersk has paused routes through the region, signaling growing disruption to global energy supplies.
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