Escalating maritime conflict threatens global oil routes
Tensions in the Middle East have intensified as Yemen-based Houthi forces threatened Saudi oil shipments near the Bab el-Mandeb Strait, leading seven tankers to change course in the Red Sea over two days. This development follows Iran’s near-total blockade of the Strait of Hormuz, effectively restricting two major energy chokepoints. In response to the instability, Brent crude futures rose 2.45% to $93.24 per barrel, while U.S. gasoline prices exceeded $4 per gallon. U.S. Secretary of State Marco Rubio criticized Iran for lacking seriousness regarding peace negotiations, despite Pakistan's ongoing mediation efforts. Meanwhile, U.S. airstrikes have reportedly expanded into central and western Iran, with Iranian officials reporting 53 civilian deaths and 592 injuries this month. The U.S. government maintains that its military operations do not target civilians. President Donald Trump has publicly threatened to destroy Iranian infrastructure in response to attacks on shipping vessels. Diplomatic channels remain open, with Iran’s Interior Minister Eskandar Momeni requesting continued mediation from Pakistan to salvage a potential 10-day ceasefire.