Two more commercial vessels were reportedly struck in the Strait of Hormuz, extending a wave of attacks that has already hit at least 12 ships in one week.
Why it matters
The Strait of Hormuz is one of the world's most critical energy corridors, normally carrying roughly 20% of global oil consumption.
The growing threat to commercial shipping could keep oil prices elevated, drive up transportation and insurance costs, and renew inflation pressure just as investors assess the Federal Reserve's next policy moves.
Further disruptions could also weigh on global equities, particularly airlines, transportation companies, and other energy-sensitive sectors.
The United Kingdom Maritime Trade Operations (UKMTO) issued warnings 170-26 and 171-26 on October 13 after reports that a tanker and a container ship were struck by unidentified projectiles in the Strait of Hormuz.
The latest incidents follow an alarming escalation in maritime violence, including six ships attacked on October 11 alone.
According to the Financial Times, oil shipments through the strait plunged to just 2.9 million barrels per day on October 11, compared with a September peak of 15.5 million barrels.
Authorities are investigating the latest incidents.