A container ship struck by an unidentified projectile caught fire and sank in the Strait of Hormuz, Singapore's maritime authority said.
The big picture: The GFS Pride sank after it was hit while transiting the strait, and all 21 crew members were safely evacuated with no injuries reported, the Maritime and Port Authority of Singapore said.
- A second Singapore-registered container ship, the GFS Giselle, took hull damage from a projectile and reached safe anchorage under its own propulsion. All 22 of its crew are safe.
What they're saying: "Such attacks are unprovoked, unjustifiable, and a breach of international law," the Singapore authority said, pointing to the UN Convention on the Law of the Sea.
By the numbers: It is the third commercial ship sunk during the Iran war, per the International Maritime Organization. More than 20 vessels have come under attack this month in Hormuz, the Persian Gulf and the Gulf of Oman, per UK Maritime Trade Operations.
Zoom in: Iran's Revolutionary Guard claimed the ship hit a naval mine, according to state news agency Tasnim. Security firm Marisks said there is no independent evidence of a mine and called the claim part of a psychological operations campaign aimed at discouraging commercial shipping.
Between the lines: Crude exports through Hormuz averaged 8.5 million barrels per day in the week ended October 12, nearly 40% below prewar levels, per Kpler data cited by CNBC.
- Oil prices closed slightly higher on Wednesday, and daily crude flows are swinging hard: 3 million barrels transited the strait on Monday against 6 million on Friday.
What's next: Pakistani maritime authorities warned of containers floating in the water after the sinking, a fresh hazard for ships still using the route.
Why it matters: Hormuz is the chokepoint for Gulf crude, shipments through it have already pulled back as attacks increased, and that shortfall feeds straight into fuel prices worldwide.
