Houthi threats and Gulf attacks disrupt oil shipping, lifting crude prices amid escalating regional tensions and US retaliation.
Two Saudi oil tankers reversed course in the Red Sea after Houthi threats, while traffic through the Strait of Hormuz slowed sharply following additional tanker attacks. The disruptions contributed to a surge in crude prices, which reached multi-week highs as supply concerns intensified.
Iran claimed strikes on infrastructure in Bahrain, Kuwait, and Jordan, with Kuwait reporting a second day of attacks on power and desalination plants. The escalation follows US strikes on Iranian targets, with President Trump vowing further retaliation. A proposed 10-day ceasefire was reported but remains unconfirmed.
Oil markets reacted swiftly, with prices climbing as traders assessed the risk of prolonged disruptions in key shipping lanes. The situation remains fluid, with no immediate resolution in sight.