Oil prices rose sharply on Monday after a second commercial vessel operated by a Greek company was attacked in the Red Sea in less than 24 hours, intensifying concerns over security in one of the world’s most vital maritime oil corridors.
The vessel, Eternity C—a Liberia-flagged bulk carrier managed by Athens-based Cosmoship was targeted off Yemen’s Hodeidah coast. Shipping sources reported that the attackers used a mix of naval drones, rocket-propelled grenades, and small arms fire. Two crew members sustained serious injuries, while two others remain missing. The ship was reportedly carrying steel en route to Iran.
The incident follows a similar assault on Sunday involving the Magic Seas, another Greek-managed, Liberia-flagged bulk carrier. Houthi militants claimed that the vessel sank after being hit southwest of Hodeidah. The crew abandoned the ship and were later rescued. Neither vessel was reportedly transporting Israeli cargo, according to ship-tracking data.
By late afternoon Monday (3:31 p.m. ET), the market had responded. Brent crude climbed 2.08% to $69.72 per barrel, while U.S. West Texas Intermediate (WTI) rose 2.39% to $68.09 per barrel. Insurers have begun raising premiums for ships transiting the Bab el-Mandeb strait, and some underwriters are preparing to revise policy exclusions amid the heightened risk.
The escalation in maritime threats coincides with growing geopolitical tensions in the region. According to Axios, Israeli officials believe that former U.S. President Donald Trump could authorize a preemptive strike on Iran’s nuclear facilities if re-elected. Prime Minister Benjamin Netanyahu is expected to privately raise the issue during an upcoming meeting with Trump. Meanwhile, Iran has reportedly restarted centrifuge operations at key enrichment sites, reigniting concerns in Tel Aviv over Tehran’s nuclear ambitions.