Oil shipments are under attack on multiple fronts as fighting escalates in Red Sea, Hormuz and Black Sea

Oil tankers are increasingly coming under fire on several fronts as economic warfare is deployed as a weapon in the escalating conflicts in the Middle East and Europe.Iran has stepped up its attacks on tankers in and around the Strait of Hormuz this month as it tries to impose its control over the crucial oil corridor. Tehran's Houthi allies in Yemen opened a second front this week, firing on two Saudi tankers in the Red Sea after declaring a maritime embargo against Riyadh. Ukraine, meanwhile, says it has attacked more than 150 tankers, cargo ships, and other vessels associated with Russia's shadow fleet in the Sea of Azov and Black Sea, according to the Kyiv Post. The oil market is now dealing with wars on multiple fronts, Helima Croft, head of global commodity strategy, told CNBC's "Power Lunch" on Thursday. Oil prices have surged more than 30% in July with Brent crude breaking $100 per barrel on Thursday for the first time since May, as the security situation has rapidly deteriorated in the southern Red Sea and Hormuz. Ship traffic through Hormuz has plunged after rebounding in the weeks following the memorandum of understanding signed by the U.S. and Iran on June 17 to reopen ...