Global oil prices jumped to six-week highs after the U.S. conducted a new round of overnight military strikes against Iran, marking the 11th consecutive night of attacks. The escalation prompted Iran-aligned Houthi forces to announce a “maritime embargo” on Saudi Arabian ports, a critical outlet for crude exports.
The Houthi declaration raises fears of a new front in the conflict, threatening the Bab el-Mandeb Strait, a key shipping lane. With the Strait of Hormuz already heavily disrupted, this new threat to Saudi export routes intensifies concerns over a significant global energy supply shortage, pressuring markets and heightening fears of sustained inflation.
Market Impact: In pre-market trading, S&P 500 Futures slid 0.40%, Nasdaq Futures dropped 0.87%, and Dow Futures fell 0.28%.