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According to reports by Israel’s Channel 2, an Israeli-owned ship was hit by an Iranian missile in the Arab Sea. The cargo ship was sailing between Tanzania and India and is owned by the Haifa-based XT Management firm. The vessel has suffered damage but was able to continue to its destination for assessment.

Israeli security authorities are watching the case closely, which is the last in a series of such clashes between the rival countries. Concerns about international trade are already elevated following the stranding of the Ever Given ship in the Suez Canal. That event has caused a massive traffic jam disrupting global trade.

WTI Crude Oil remains depresed at around $58, shrugging off the news.