Iran Attacks Ship Near Strait of Hormuz, Oil Prices Jump

Oil prices rose sharply today after Iran attacked a cargo ship near the Strait of Hormuz. The attack threatens a recent deal to reopen the vital waterway, which handles about one-fifth of the world's oil supply. The assault targeted a vessel in the narrow passage, raising fears of renewed disruption to global energy flows. No group immediately claimed responsibility, but Iranian forces have previously targeted ships in the area. The Strait of Hormuz is a narrow channel between Iran and Oman. It is a critical route for oil tankers leaving the Persian Gulf. The attack comes just weeks after negotiators announced a tentative agreement to keep the strait open to international shipping. Traders reacted quickly, pushing crude prices higher. The jump reflects market anxiety that the attack could unravel the fragile deal. If the strait closes, oil supplies from major producers like Saudi Arabia, Iraq, and the United Arab Emirates could be blocked. Analysts warn that further attacks may trigger a larger conflict. For now, shipping companies are reviewing security measures. The international community has called for restraint, but no military response has been announced.