Middle East Tensions Push Oil Prices to Nearly $100 per Barrel
The conflict in the Middle East continues to escalate as hostilities between Saudi Arabia and Houthi forces push up oil prices to nearly $100 per barrel. The Ministry of Foreign Affairs of the Kingdom of Saudi Arabia confirmed that recent Houthi strikes targeting energy infrastructure resulted in 73 civilian injuries, including women and children.
The Secretary of State, Marco Rubio, stated that the Trump administration is tracking developments 'very closely' and suggested that Iran's hand is behind some of the attacks. The Houthis have claimed responsibility for the strikes and warned of further operations against Saudi military targets.
Iran has threatened to extend its grip beyond the Strait of Hormuz, a key waterway through which much of the world's oil supply passes. Iranian Supreme National Security Council Director Mohsen Rezaei stated that Iran will use 'new missiles' to preempt threats and announced plans for a restricted exclusion zone outside the Strait of Hormuz.
The U.S. Treasury has imposed new sanctions on the Iranian aviation industry, targeting companies involved in the country's remaining airlines. Treasury Secretary Scott Bessent warned that those doing business with Iran risk being cut off from the global financial system.