Strait of Hormuz ship attacks hit record high as Iran tensions escalate
According to CBS News and NBC News on Oct. 17, attacks on commercial vessels in and near the Strait of Hormuz have hit a ‘record high’ in recent weeks, with at least two cargo ships sunk. The reports note that the rising attack frequency contrasts with limited US responses, putting significant pressure on shipping insurance rates and global oil prices. The Strait of Hormuz carries roughly one-fifth of global oil shipments, and the security of this corridor is directly tied to the energy supply stability of several major economies.