US and Iran Tensions Impact Critical Straits
The war between the United States and Iran is disrupting the flow of oil through the Strait of Hormuz, as Iranian attacks on oil tankers increase, leading to a reduction in the volume of oil passing through and keeping crude prices above $100 per barrel. The conflict has also expanded to include targeting oil tankers in the Bab al-Mandab Strait, alongside clashes between Saudi Arabia and the Yemeni Houthi movement, highlighting the growing need to reduce dependence on oil and minimize external shocks to the global oil market.
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