Over the weekend, at least two vessels were struck near Oman and Iran, as reported by the United Kingdom Maritime Trade Operations Centre. This incident comes amid Iran's insistence that the Strait of Hormuz will remain closed until its conditions for ending hostilities with the U.S. are met.
The attacks on shipping in this critical waterway, through which approximately 20% of the world's oil supply passes, have been increasingly frequent since the onset of the U.S. and Israel-led conflict on February 28.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated that Iran's conditions include a cessation of U.S. aggression, an end to the naval blockade, and the release of Iranian assets, while the U.S. demands the dismantling of Iran's nuclear weapons program.
Concurrently, Saudi Arabia's energy infrastructure faced renewed threats, with Yemen's Houthis claiming to have targeted an Aramco facility in Riyadh. This ongoing volatility has led to rising energy prices, contributing to global inflation and increasing government borrowing costs.
The anticipation of further conflict has driven crude oil prices higher, although they saw a slight decline following the G7's decision to release oil stocks to alleviate consumer pressure. Brent crude futures closed at $102.25 per barrel, while U.S. West Texas Intermediate crude settled at $91.11 per barrel