Recent reports indicate a significant increase in attacks on oil ships in the Strait of Hormuz, with 24 incidents occurring in just two weeks. The price of oil has remained persistently high, exceeding $100 per barrel, which poses risks to global markets. Experts highlight the potential for severe consequences on Gulf exports and food security in Asia and Africa if conflicts continue without resolution.
Key facts
- 24 ships were attacked in the Strait of Hormuz in two weeks to 11 October.
- Oil prices have remained above $100 per barrel since the conflict began.
- Oil flows from the region dropped to 2.9 million barrels on 11 October.
- At least 25 seafarers have been killed near the Strait of Hormuz.
- A food security crisis could arise in Asia and Africa due to fertilizer shipment disruptions.
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