Middle East Tensions: What’s Next for Oil Prices After Cargo Ship Attacks in the Strait of Hormuz?

Yerin Kim | 2026.03.11

Translation result.

  Reuters
  Reuters
Strait of Hormuz[Reuters via Yonhap News][Reuters via Yonhap News]

As the conflict between the U.S., Israel and Iran entered its 12th day, commercial vessels in Middle Eastern waters came under attack.

UK Maritime Trade Operations (UKMTO) said on the 11th, local time, that a cargo ship in the strategic Strait of Hormuz caught fire after being struck by an unidentified projectile.

Officials said the crew evacuated the vessel.

UKMTO also reported that a container ship off the coast of the United Arab Emirates was hit by an unidentified projectile; the crew were reported unharmed.

The Strait of Hormuz is a strategic chokepoint through which roughly 20% of global oil shipments pass. Since the war began, Iran has sought to disrupt that traffic, saying it would prevent any oil from leaving.

Iran has even laid mines in the strait, and the U.S., acting on orders from President Trump, struck Iranian mine-laying vessels and suspected mine storage sites to counter those efforts.

Repeated attacks on merchant shipping in and around the Strait of Hormuz increase the risk of upward pressure on oil prices.



#Iran #war #Hormuz #UAE #cargo ships

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Yerin Kim (yey@yna.co.kr)