US-Iran Tensions Escalate Over Strait of Hormuz Control
Tensions between the US and Iran have escalated over control of the strategically vital Strait of Hormuz, a key energy route. The dispute has led to a sharp war of words between the two nations.
US President Donald Trump claimed that Washington has 'total control' over the Strait, stating that the US Navy's presence represents a 'wall of steel' that Iran would not be able to challenge. Iranian Foreign Minister Abbas Araghchi responded by warning against intelligence failures, saying that such claims could lead to dangerous decisions.
Oil prices have fallen amid concerns over slowing demand and rising US crude inventories. Brent crude dropped 2.47% to $86.78 per barrel, while US West Texas Intermediate (WTI) crude declined by approximately 2.81% to $80.93 per barrel. The Organisation of the Petroleum Exporting Countries (OPEC) has reduced its forecast for global oil demand growth in 2026.
The Houthi rebels have claimed responsibility for fresh attacks targeting Saudi-linked positions, including a military transport vessel in the Red Sea and areas in Yemen's Marib governorate. The group further claimed drone attacks against the Aramco refinery in Jizan, Saudi Arabia, but casualty figures and damage claims made by the Houthis have not been independently verified.