An unidentified cargo ship was hit by a projectile in the Strait of Hormuz, just hours after several freighters reportedly turned around after warnings from the Iranian Navy. This incident threatens to undermine growing confidence in the reopening of the vital energy corridor, causing oil prices to rise, with Brent crude briefly touching session highs above $75 a barrel.
The attack occurred southeast of Oman, damaging the ship's bridge, according to the U.K. Maritime Trade Operations (UKMTO). While the U.S. is investigating responsibility, a Wall Street Journal report attributed the attack to Iran's Islamic Revolutionary Guard Corps (IRGC) on a Singapore-flagged cargo ship. If Iran is confirmed to be behind the incident, it would severely impact the fragile confidence of shipowners and crews that it is safe to transit the strait.
The incident led the International Maritime Organization (IMO) to pause its evacuation operations in the strait, which had started after an interim peace deal between the U.S. and Iran took effect last week. This deal had seen a rapid increase in traffic, with 70 vessels transiting on Tuesday compared to six a week prior. Iran's Persian Gulf Strait Authority (PGSA) has repeatedly asserted its control over the strait, stating that any transit outside its framework would lack insurance coverage or safe passage guarantees, and it has not ruled out seeking tolls after the initial 60-day agreement.
Two primary exit routes have emerged through Hormuz: one near Iran, and another along Oman’s coastline protected by the U.S. The U.S. favors the Omani route, while Iran insists on ships using its coastal route and seeking its permission. The attack follows recent disagreements on these transit rules, with Iran reasserting its authority and some ships turning back after receiving instructions from the IRGC via radio and social media.
