Two ADNOC-owned oil tankers were struck by drone attacks on August 14 in the Strait of Hormuz, nearly freezing maritime traffic through the world’s most critical energy chokepoint through which roughly a fifth of global petroleum supply normally flows. The UAE government publicly accused Iran of piracy threatening global energy security, marking a significant escalation in Gulf states’ diplomatic posture toward Tehran. US Treasury Secretary Scott Bessent announced a comprehensive package of economic sanctions aimed at further isolating Tehran, with details expected during the week of August 17. Insurance costs for vessels transiting the strait are expected to rise further, adding to the risk premium borne by shipping firms operating in the region.
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