Renewed missile attacks on ships crossing the Strait of Hormuz threaten to bolster crude's rally. For the past few months, tanker shuttle runs have constituted a lifeline in getting Persian Gulf oil to the world. That escape route just suffered a blow.

Ships sail near the Strait of Hormuz off the UAE's eastern coast at Khor Fakkan. The attacks follow a string of assaults on commercial shipping in the critical waterway. Oil reporter Grant Smith takes stock of the latest developments.

The Strait of Hormuz remains a vital chokepoint for global oil supply. Any disruption to tanker traffic through the strait could tighten markets further and push prices higher. Markets are watching closely for any escalation that could impact global energy flows.