Middle East Tensions Spark Oil Supply Jitters

Tensions in the Middle East have escalated over the weekend following a series of events that have put the global oil supply chain at risk. The region has seen increased attacks on Saudi territory, including drone strikes that knocked a major pipeline offline, adding uncertainty to future oil exports. Houthis in Yemen have been escalating their campaign, capturing strategic locations and exacerbating geopolitical tensions.

A vessel in the Strait of Hormuz was struck, leading to a fire and heightened tensions in maritime security. Regional powers are seeking diplomatic solutions, with Iranian and Gulf state officials set to meet, although the likelihood of immediate agreements remains low.