Commodities
Iran Conflict Escalates as Shipping Attacks Rise, Oil Prices Soar
The conflict between Iran and the US has escalated further as separate attacks on shipping have been reported in the Gulf of Oman and the Bab el-Mandeb Strait. The Houthi rebels, aligned with Iran, claimed responsibility for an attack on a small cargo vessel in the Red Sea, killing four crew members.
The US military also confirmed that it had disabled a cargo ship near the Gulf of Oman to enforce a blockade on Iranian ports. This move has intensified maritime tensions in the region.
Oil prices have risen as a result of the renewed conflict, with Brent crude futures climbing 1.4% to settle at $88.91 per barrel and US crude rising 1.3% to $83.20.