US-Iran War Escalation Sparks Concerns Over Global Oil Supplies

The ongoing US-Iran war is having far-reaching consequences in the Middle East, as crude oil prices continue to be affected. The conflict has led to increased military activity along Yemen's internal front lines, and the Houthis have claimed to have targeted Saudi Aramco's Jazan refinery with two drones on Thursday. While neither Saudi Arabia nor Aramco has confirmed the attack, Bloomberg cited a person familiar with the incident as saying that a storage tank sustained negligible damage.

Last month, the Houthis threatened to blockade Saudi oil flows and have also attacked Saudi targets and shipping in the Bab al-Mandeb. This comes after the US-Iran war escalated, with Iran attacking two vessels linked to the UAE's state-owned ADNOC as they transited Hormuz on Thursday. The UAE condemned what it called a 'hostile Iranian attack', while ADNOC said the situation had been brought under control.

The strain of the conflict is already being felt, with Defense Secretary Hegseth stating that the US Navy can blockade Iran indefinitely by simply rotating ships. This has led to concerns about the long-term impact on global oil supplies and prices.