A projectile struck a vessel transiting the Strait of Hormuz on September 12-13, according to an advisory from the United Kingdom Maritime Trade Operations. The strait, a narrow waterway between Iran and the Arabian Peninsula, normally handles roughly 20 million barrels of oil per day, about 20% of global supply. Drone and missile strikes have reduced daily transits to just 5-10 ships versus over 130 normally, with oil flows plunging by 90%. Brent crude surged past $100 per barrel in September 2026, while insurance costs for vessels transiting the strait have risen sharply. The incident comes days after Saudi Arabia temporarily shut down its East-West pipeline following a drone attack attributed to Iranian-backed militias.
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