An unmanned cargo vessel was hit by multiple unidentified projectiles in the Red Sea, according to a report by the UK Maritime Trade Operations (UKMTO). The incident resulted in damage to the vessel and is part of a series of escalating maritime security threats in the region linked to Yemen’s Houthis and tensions involving Israel-linked shipping and U.S. and regional forces. Markets interpret this event as a significant escalation in shipping safety risks, with participants now estimating only an 8.5% chance of traffic returning to normal in the Strait of Hormuz by September 30.
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