Container ship sinks in Strait of Hormuz as Iran steps up attacks

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watch nowA container ship sank in the Strait of Hormuz on Wednesday as Iran escalated its attacks on commercial vessels. The GFS Pride, registered in Singapore, sank after it was struck by an unidentified projectile and caught fire. Exports through Hormuz averaged 8. 5 million barrels per day (bpd) in the week ended Oct. 12, nearly 40% below normal levels before the Iran war, according to data from Kpler. Daily crude flows are very volatile, with only 3 million barrels of crude transiting Hormuz on Monday while 6 million barrels passed through the strait on Friday, according to Kpler.

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