Houthis Strike Saudi Oil Vessels Amid Escalating Middle East Tensions

The Middle East conflict escalated as Yemen's Iran-backed Houthis claimed responsibility for missile attacks on Saudi oil vessels in the Red Sea and Gulf of Aden.

Iran's Foreign Minister Abbas Araqchi urged regional partners, including Saudi Arabia and Qatar, to press Washington towards diplomacy, warning that any US attack on its territory would trigger retaliation against energy infrastructure, oil facilities, and US-linked assets across the region.

Tehran confirmed progress with Oman on a proposed framework to manage shipping through the Strait of Hormuz, one of the world's most critical oil chokepoints, but key disagreements remain over the extent of Iran's control over commercial shipping.

Oil prices remained volatile as traders balanced hopes of de-escalation against continued uncertainty over shipping security, with Brent crude settling slightly higher and US crude slipping due to rising inventories.