Cargo ship hit by projectile in Strait of Hormuz as geopolitical tensions escalate. A cargo vessel was struck by an unknown projectile near Oman, forcing crew evacuation and igniting a fire onboard. The incident marks the latest disruption in the strategically critical waterway since U.S. and Israeli airstrikes on Iran last month. Roughly twenty percent of global oil and gas flows through this narrow corridor, making any disruption significant for energy markets worldwide. Shipping traffic has nearly ground to a halt as Iran retaliates against vessels transiting the strait. U.S. forces have intensified operations, sinking Iranian minelayers in the region. Energy markets remain volatile as supply chain risks mount and oil prices face upward pressure from ongoing geopolitical instability in the Persian Gulf region.
