Gulf conflict disrupts oil flows

Escalating conflict in the Gulf region has led to significant disruptions in global oil supply routes. Iran-aligned Houthi forces attacked Saudi oil tankers in the Red Sea, while Iran has effectively closed the Strait of Hormuz. In response, the United States launched air strikes on Iran, and President Donald Trump promised major military punishment. Brent crude surged above $100 per barrel, reaching a two-month high, before retreating. The crisis has rattled global financial markets, with Asian stocks falling sharply, bond yields rising, and expectations of central bank rate hikes increasing. The United States — Federal Reserve is now seen as having a one-in-three chance of raising rates next week. The conflict has also impacted other commodities, with gold and silver prices declining. Shipping through key chokepoints remains subdued, with tanker crossings at the Strait of Hormuz falling to minimal levels. Kazakhstan's oil production was also disrupted by Ukrainian drone attacks on a Black Sea export terminal.