Houthi Attack Sends Oil Prices Soaring Amid Escalating Iran Conflict
The conflict between Iran and the US escalated further as Yemen's Houthi rebels attacked two Saudi oil tankers in the Red Sea, causing fires on both vessels. The attack has raised concerns about the safety of shipping routes in the region, which is a critical chokepoint for global trade.
According to Iranian state media, explosions were reported in the port city of Bandar Abbas, a key hub for moving military supplies and trade cargo, as well as on Qeshm Island. The US Central Command said that its latest barrage was designed to 'further degrade Iran's ability to threaten civilian mariners and commercial vessels transiting regional waters.'
The Houthi rebels have threatened to shut down another key trade route, which would further disrupt global oil shipments. President Donald Trump has warned that the US will hold Iran responsible for any attacks on ships by the Houthis.