Oil prices have hit a new high of $100 per barrel after a series of attacks on commerical ships in the Persian Gulf and the Strait of Hormuz.
This has raised fears about major disruptions to global energy supplies. The location is said to be an important one for various oil transit routes in the world, as they carry close to 20% of all global oil shipments.
{img}Therefore, any instability in this area immediately impacts international markets. As per reports from local media outlets, six ships were attacked in this region. This includes oil tankers and cargo vessels.
Some of those attacks entailed explosive-laden boats and projectiles that damaged a host of ships and caused serious fires. At least one crew member was also killed, and several more were seriously wounded, as others were said to be missing after the incidents arose.
{img}The attacks have been related to growing tensions involving Iran during the ongoing regional conflict, as fears of global reserve supplies for fuel running out are at an all-time high.