The war between the United States and Iran widened on Wednesday after a US submarine struck an Iranian warship off the coast of Sri Lanka, shipping and energy sector sources reported, quoted by "Reuters".
The incident deepens the crisis in the Strait of Hormuz, where shipping has remained almost paralyzed for the fifth day. The strait is a key route for about a fifth of the world's oil and liquefied natural gas supplies.
According to data from the MarineTraffic platform, at least 200 ships, including oil and liquefied gas tankers and cargo ships, remain anchored in open waters near major Gulf producers such as Iraq, Saudi Arabia and Qatar. Hundreds of other vessels are waiting outside the strait, unable to reach their ports.
Meanwhile, the Maltese-flagged container ship Safeen Prestige was damaged by a shell while entering the northern part of the strait, forcing the crew to abandon ship.
The crisis is already having a direct impact on the energy sector. Qatar has halted gas production and Iraq has reduced oil production as their storage facilities fill up due to the inability to load crude onto tankers. Saudi Arabia, the United Arab Emirates and Kuwait are also facing severe export difficulties.
Against this backdrop, US President Donald Trump said Washington would provide naval escorts and insurance guarantees for ships carrying oil and gas from the region to limit the sharp rise in energy prices.
"Regardless of the circumstances, the United States will ensure the free flow of energy resources to the world," Trump said in a post on social media.
Markets reacted violently to the events. Oil prices, which have already risen by about 12% since the start of the conflict, stabilized on Wednesday after several days of increases. Investment bank Goldman Sachs raised its forecast for the price of Brent crude to $76 a barrel in the second quarter.
Analysts have warned that prolonged disruptions to shipping in the Strait of Hormuz could lead to a significant drop in oil supplies in the Organization for Economic Cooperation and Development and force refiners in Asia to seek alternative supplies.
According to traders and analysts, refiners in Japan and Indonesia are already trying to replace missing supplies from the Middle East with oil from the United States, while India is considering increasing purchases from Russia.
At the same time, sources also reported an attack on Saudi Aramco's key export terminal and refinery Ras Tanura, further increasing the risk of further turmoil in global energy markets.