The GasLog Shanghai was struck by a projectile in the Strait of Hormuz as the administration resumes talks with Iran
The GasLog Shanghai, a liquefied natural gas tanker, was struck by an unidentified projectile off the coast of Oman in the Strait of Hormuz. The vessel remained stable with all crew members accounted for. This incident marks the second attack in less than a month on a Qatari LNG tanker, contributing to a rise in insurance premiums and extending force majeure on several contracts. Simultaneously, the administration announced that talks with Iran have resumed to wind down the conflict. While President Trump maintained that negotiations are underway, Iranian officials claimed they are only discussing navigation routes with Oman. The ongoing conflict has caused energy prices to soar, with crude oil pushing past $90 a barrel. The administration also convened a cabinet meeting at Camp David to chart a path forward for the war. These disruptions have led to record profits for energy companies like ExxonMobil and Chevron, while complicating the political landscape as the administration faces upcoming midterm elections.