Three Cargo Ships Attacked Near Iran’s Coast, Including One in Strait of Hormuz, UK Confirms

Three commercial cargo ships were struck in waters near Iran's coast on March 10, 2026, according to a statement from the UK’s Ministry of Defence. One vessel, identified as the MV Ocean Horizon, was attacked while transiting the Strait of Hormuz—a chokepoint responsible for approximately 20% of global oil shipments. The attacks occurred in a 12-hour window, with two other ships, the Al-Ma’arri and the Zeytun, sustaining damage in nearby international waters. The incident marks the fifth reported maritime attack in the region since January, escalating tensions between Iran and Western-aligned naval forces. The UK has deployed a naval task group to monitor the area, while the U.S. Department of Defense confirmed increased surveillance and readiness in the Persian Gulf. The Strait of Hormuz has seen a 78% reduction in commercial shipping traffic over the past 10 days, according to maritime tracking data. Oil markets reacted sharply: Brent crude futures surged 6.3% to $98.40 per barrel, while West Texas Intermediate (WTI) climbed to $94.20. The CBOE Volatility Index (^VIX) rose to 28.1, its highest level since late 2023, signaling heightened investor anxiety. Energy stocks, including XLE, gained 4.1% on the day, reflecting both risk premium and expectations of supply disruptions. The attack has prompted emergency consultations among NATO allies and raised concerns about the security of global energy infrastructure. Shipping insurers are reviewing policies, and major oil traders are rerouting vessels around the Cape of Good Hope, adding over 12 days to transit times and increasing costs by an estimated $18–22 per barrel.