Projectile sinks Indian-flagged MSV Faize Noore Oliya off Yemen; crew rescued.

An Indian-flagged vessel sank after being struck by a projectile off the coast of Yemen. The incident involved the MSV Faize Noore Oliya, which had 14 crew members on board, 13 of whom were Indian nationals. Fortunately, all crew members were safely rescued, according to India’s Shipping Minister Sarbananda Sonowal, who condemned the "unprovoked attack."

This incident comes amid a series of assaults on vessels in the Red Sea, a waterway that has seen increased traffic since Iran blocked the Strait of Hormuz in February. This blockade has forced some oil tankers to reroute, significantly impacting global oil prices and raising concerns over maritime safety in the region. India’s Ministry of External Affairs expressed deep concern over the attacks on commercial shipping, stating that the targeting of such vessels must cease to restore safe navigation in accordance with international law.

The Houthi rebels, backed by Iran, are believed to be responsible for the rise in attacks on shipping in the area, particularly targeting Saudi tankers. Yemen’s transportation ministry has accused the Houthis of using a boat laden with explosives in the latest incident. While the group has not officially commented on this specific attack, they previously declared a blockade on Saudi Arabia's Red Sea ports in July. The UK Maritime Trade Operations agency has documented multiple attacks on vessels in the region over the past week, highlighting an escalating threat to seafarers.

Despite these tensions, oil prices have recently dipped to a three-week low, following reports that U.S. officials are optimistic about reaching an agreement with Iran to reopen the Strait of Hormuz. In June, a Memorandum of Understanding was signed between the U.S. and Iran to halt military operations, but subsequent hostilities have complicated the situation. While U.S. Treasury Secretary Scott Bessent suggested a potential deal could be reached soon, Iran has maintained that it is not engaging in negotiations with the U.S. and is instead speaking with Oman.