A tanker was attacked with a grenade launcher by armed individuals in a skiff off the coast of Yemen, according to the UK Maritime Trade Operations Coordination Center (UKMTO). The incident occurred 111 nautical miles southeast of Aden. Authorities are investigating, and vessels are advised to proceed with caution.
Oil prices rose Monday as Trump announced "Project Freedom," a U.S. military operation to free cargo ships trapped by the Strait of Hormuz closure. Brent crude futures jumped 2.27% to $110.63/barrel while WTI added 1.98% to $103.96. The operation involves destroyers, over 100 aircraft, and 15,000 service members. Meanwhile, a tanker was hit by projectiles north of Fujairah, UAE, highlighting shipping dangers. OPEC+ also agreed to increase output by 188,000 bpd. Analysts warn $125 Brent could trigger global recession.
Oil prices were mixed Monday with Brent at $101.94 and WTI at $108.33 as Trump announced 'Project Freedom' to free ships trapped by the Strait of Hormuz closure. A tanker was hit by projectiles north of Fujairah, UAE, highlighting shipping dangers. Meanwhile, OPEC+ agreed to a 188,000 bpd output increase. Moody's Analytics warned that sustained oil prices around $125 could push the global economy into recession.
Oil prices dipped as markets weighed the U.S. military's 'Project Freedom' to clear trapped ships in the Strait of Hormuz and a modest output increase from OPEC+.
Oil prices rose modestly in choppy trade Monday as markets assessed Trump's announcement of 'Project Freedom' to free ships trapped by the Strait of Hormuz blockade. Brent crude futures rose 0.12% to $102.09 per barrel while WTI gained 0.18% to $108.36. The operation involves U.S. military assets including guided-missile destroyers, over 100 aircraft, and 15,000 service members. Meanwhile, a tanker was hit by projectiles north of Fujairah, UAE, highlighting ongoing risks. OPEC+ also agreed to increase output by 188,000 barrels per day.
A cargo ship was attacked by multiple small craft near the Strait of Hormuz off Sirik, Iran, the UK Maritime Trade Operations centre reported Sunday. All crew were safe. This marks at least two dozen attacks in the area since the Iran war began. Iran has asserted control over the strait and demands tolls from ships not affiliated with the US or Israel. No group claimed responsibility for the attack, the first reported since April 22.
A cargo vessel has been hijacked six nautical miles northeast of Garacad, Somalia, according to the United Kingdom Maritime Trade Operations Center. Unauthorized persons took control of the ship and redirected it to within territorial waters. The incident was reported to the UKMTO, which issued a statement confirming the hijacking off the Somali coast.
The United Kingdom Maritime Trade Operations Centre says two gunboats from Iran’s Revolutionary Guard opened fire on a tanker transiting the Strait of Hormuz after Iran said it had reimposed restrictions on the vital waterway.
