THE WAR EXPANDS — AND OIL MARKETS ERUPT
The conflict involving the United States, Israel and Iran is spreading across new fronts. Ukraine has reportedly attacked infrastructure linked to an alleged Russian weapons supply route to Tehran, while Saudi Arabia has intensified military action against Yemen’s Iran-aligned Houthis.
The escalation is now threatening energy flows through the Black Sea and the Red Sea at the same time. Tanker attacks, damaged export infrastructure and longer shipping routes have pushed some physical crude grades close to $110 a barrel, while Brent recently surpassed $100.
What began as a regional confrontation is rapidly becoming a global energy shock—raising transportation costs, reigniting inflation fears and putting consumers and central banks under fresh pressure.
The conflict involving the United States, Israel and Iran is spreading across new fronts. Ukraine has reportedly attacked infrastructure linked to an alleged Russian weapons supply route to Tehran, while Saudi Arabia has intensified military action against Yemen’s Iran-aligned Houthis.
The escalation is now threatening energy flows through the Black Sea and the Red Sea at the same time. Tanker attacks, damaged export infrastructure and longer shipping routes have pushed some physical crude grades close to $110 a barrel, while Brent recently surpassed $100.
What began as a regional confrontation is rapidly becoming a global energy shock—raising transportation costs, reigniting inflation fears and putting consumers and central banks under fresh pressure.