According to Benoit Faucon and Rebecca Feng writing in The Wall Street Journal, two Emirati cargo ships, the GFS Pride and the Cape Dao, sank following attacks near the Strait of Hormuz, marking an escalation in Iran’s campaign against commercial shipping. Several other vessels were also targeted as attacks reached their highest levels since the war began, despite increased U.S. naval efforts to protect maritime traffic.
The WSJ reports that the attacks threaten global shipping and energy markets as the U.S. blockade halts Iranian oil exports and regional producers seek alternative routes.
Meanwhile, crude-oil tanker rates have reached record highs, raising concerns about higher transportation costs and continued volatility in global energy markets.
