Stories
Strait of Hormuz Crisis: Ship Attacks Surge and Oil Supply Drops Sharply
C
CNBC Awaaz•14-10-2026, 22:07
Strait of Hormuz Crisis: Ship Attacks Surge and Oil Supply Drops Sharply
- •Attacks on cargo ships, container vessels, and oil tankers have increased significantly in the Strait of Hormuz, the Persian Gulf, and the Gulf of Oman.
- •The Singapore-registered container ship GFS Pride sank after being hit by a projectile, though all 21 crew members were safely rescued.
- •Crude oil exports from Hormuz dropped to 8.5 million barrels per day, marking a 40 percent decrease from normal pre-war levels.
- •Over 20 ships have been targeted this month, resulting in two missing sailors and 12 injuries according to UN reports.
- •Disruptions in this vital global transit route threaten to reduce oil supply and increase upward pressure on prices.
Key Questions Answered
The Singapore-registered container ship GFS Pride sank on Wednesday after being struck by a projectile in the Strait of Hormuz. All 21 crew members on board were safely rescued with no injuries reported.
Crude oil exports from the Strait of Hormuz dropped to an average of 8.5 million barrels per day in the week ending October 12, which is roughly 40% lower than normal pre-war levels.
Two senior Iranian officials stated that the attacks could be an attempt to keep oil prices high and influence the US midterm elections, though this remains an unverified claim.
