An attack on shipping in the Strait of Hormuz strikes at the artery through which roughly a fifth of the world's oil and a similar share of global LNG flows, meaning any sustained disruption carries outsized implications for both crude and gas prices. Even limited, non-lethal strikes on individual vessels tend to raise war-risk insurance premiums and prompt shipping lines to reassess transit schedules, effects that can tighten near-term supply and lift freight costs well before any formal closure of the strait is contemplated. Given that the wider region has only recently been treated by markets as moving past the worst of the conflict, a renewed attack risks reviving the risk premium that had begun to fade from oil and gas prices in recent weeks.---Iranian forces fired missiles at commercial vessels in the Strait of Hormuz, hitting two ships and setting a loaded LNG tanker ablaze, a U.S. official said, reviving fears over shipping safety through the critical oil and gas chokepoint.Earlier:Reports of a ship attacked, Oman, Strait of HormuzSummary:Iran's Islamic Revolutionary Guard Corps fired at least two missiles at commercial vessels transiting the Strait of HormuzBoth ships hit suffered significant damage but there were no reported casualties, a U.S. official saidA loaded LNG tanker, reported to be the Nakilat-operated Al Rekayyat, was struck on its outbound transit east of Musandam and set ablazeThe strike has not yet been officially confirmedIranian forces struck commercial shipping in the Strait of Hormuz, one of the world's most critical energy chokepoints, in an attack that threatens to reignite the risk premium markets had only recently begun to unwind. Iran's Islamic Revolutionary Guard Corps fired at least two missiles at a pair of commercial vessels transiting the strait, according to a U.S. official, with both ships sustaining significant damage though no casualties were reported. Separately, and as yet unconfirmed, a loaded LNG tanker, said to be the Nakilat-operated Al Rekayyat, was reported struck on its port side and engine room while on outbound transit east of Musandam, setting the vessel ablaze.The strait carries a substantial share of the world's seaborne oil and liquefied natural gas, making it one of the most closely watched flashpoints of the broader Iran conflict. Markets have, in recent weeks, treated the worst of the energy shock as passing, with oil prices retreating from their conflict highs and central bankers in Europe and elsewhere debating how quickly to look through the disruption. An attack directly targeting shipping in the strait complicates that narrative, regardless of whether it proves to be an isolated incident or the start of a more sustained campaign against commercial traffic.Even attacks that stop short of a full closure of the strait tend to have outsized effects on energy markets. Insurers typically respond by raising war-risk premiums for vessels transiting the area, while shipping lines may reroute or delay voyages, tightening near-term availability of crude and LNG cargoes and adding to freight costs. For LNG in particular, given the limited number of alternative supply routes and the technical sensitivity of loaded carriers, any confirmed strike on a tanker is likely to draw close attention from buyers in Asia and Europe alike.With official confirmation of the LNG tanker incident still pending, further details on the extent of damage, the vessels involved, and any response from Iran or the United States are likely to shape how markets price the renewed risk in the hours ahead. This article was written by Eamonn Sheridan at investinglive.com.