Event: Iran

Iran's Persian Gulf Strait Authority (PGSA) has warned ships against navigating the strategic waterway through routes that are not officially designated or covered by safe-passage guarantees. PGSA said vessels using unauthorised routes would do so at the risk of their owners and investors, warning that responsibility for any consequences would rest with them. The warning came after a cargo ship reported being struck by an unidentified projectile near Oman while attempting to transit the Strait of Hormuz, prompting renewed security concerns. The incident pushed global oil prices about 2 percent higher as traders weighed the risks to shipping through one of the world's most important energy corridors.