Two cargo ships sunk in Strait of Hormuz as Iran ramps up attacks in run-up to midterms

Key Points:

• Two cargo ships, the Singapore-registered GFS Pride and Antigua and Barbuda-registered Cape Dao, have sunk near the Strait of Hormuz in separate incidents involving unknown projectiles, with one crew member killed and all others evacuated safely.
• The attacks mark a dangerous escalation amid increased Iranian aggression aimed at regaining control over the strategic waterway, leading to a significant reduction in oil transit and contributing to rising global oil prices.
• Since early October, oil flow through the Strait of Hormuz has sharply declined to less than a quarter of pre-war levels, with nine attacks reported in the area since Monday alone, including drone strikes on tankers.
• The US military maintains a blockade on Iranian ports and has facilitated covert night transits of tankers to sustain oil flow, but Iran’s recent attacks indicate efforts to regain leverage over the strait as US midterm elections approach.
• The Trump administration’s attempts to lower fuel prices, including easing some Russian diesel sanctions, face bipartisan criticism and uncertain impact amid ongoing geopolitical tensions and market volatility.