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Iran Attacks Container Vessel in Hormuz; Energy Prices Surge Amid Regional Tensions

Iran struck a 7,000-TEU container ship Saturday in the Strait of Hormuz, setting the vessel ablaze and forcing the crew to evacuate. The GFS Galaxy, owned by a UAE company, was transiting toward Port Klang, Malaysia and Chinese ports when attacked. The incident represents the first container shipping strike since May 6, when the CMA CGM San Antonio came under fire. Iran subsequently declared the strait closed to traffic and expanded missile and drone operations across Bahrain, Kuwait, Qatar, the UAE and Jordan. Central Command confirmed over 140 vessels navigated the waterway in the preceding week. Energy markets responded sharply: Brent crude climbed 12% since Friday, European natural gas surged nearly 70% and U.S. gasoline futures rose roughly 10%. The escalation complicates Maersk's planned return to scheduled Suez Canal services, a route the carrier tested in January before withdrawing amid security concerns.