Fresh attacks on Strait of Hormuz shipping fuel fears over oil supplies

A ship was reportedly hit by a projectile while transiting the Strait of Hormuz on Sunday, adding to concerns over threats to global energy supplies after Saudi Arabia temporarily shut down a key oil pipeline.The British navy-affiliated agency UKMTO said it had received a report of a projectile hitting a vessel as it moved through the strait. The extent of the damage and the status of the crew were unknown as of early Sunday, it said.The report comes a day after Saudi Arabia temporarily closed its 1,200-km East-West pipeline as a precaution following a drone attack, possibly from Iranian-backed militias in Iraq.Over six months since the closure of Hormuz, the pipeline has served as the main route for Middle East oil supplies to global markets.Running across the Arabian Peninsula, it has helped Saudi Arabia avoid the worst of the disruption that has affected other Gulf oil and gas exporters.According to Reuters, the pipeline has been carrying four to five million barrels per day, equivalent between four to five per cent of the global supply.The widening Middle East conflict could reportedly push energy prices higher after Brent crude surged back above $100 a barrel last week.The attack caused some injuries and damage that was being assessed, the Saudi Foreign Ministry said, without providing details on its impact on exports.Riyadh has also been facing missile and drone attacks from Yemen based Houthis.Saudi’s civil defence force on Saturday, reported two people injured and a mosque among several buildings destroyed after a projectile fired by the Houthi rebels.

An Iranian commercial vessel was also struck near country’s southern coast on Sunday, with state media reporting the, one dead and three wounded. Further details are awaited.